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When economists defined trade-off, they measured opportunity cost. Trade-off is letting go something of value in exchanging for something else that still has some value.
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How do economists define labor force?
unemployment
What do economists define saving as?
it's forgone consumption.
How do economists define saving?
That part of after-tax income which is not consumed.
How do economists measure consuption?
on a historical basis
How do economists measure the consumption of a good?
the amount of a good that is bought
Which statistic do economists use to measure the business cycle?
price indicator
How do economists measure a nation's standard of living?
Economists measure a nation's standard of living: by calculating GDP per person by calculating per capita income (the best indicator) by calculating average personal income.
Why do economists measure the cost of things when opportunity cost is what you actually are considering we when decide whether or not to purchase something?
it is easier for economists to measure "cost" than "opportunity cost"(because people's tastes are different and changeable)
How do economists sometimes measure physical capital?
the number of telephones it has in relation to its population.
Do economists measure a nation's standard of living?
Economists measure a nation's standard of living: by calculating GDP per person by calculating per capita income (the best indicator) by calculating average personal income.
Define economy policy?
define how you measure the size of the economy
What Economists use per capital GDP to measure and compare nations relative?
Population
