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If the prices of all goods and services rose but the quantity produced remained unchanged what would happen to nominal and real GDP?
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Distinguish between actual and potential growth?
• Potential growth is the change in the ability of the economy to produce goods and services.•Actual growth is a rise in the quantity of goods and services produced
What is the point at which the quantity of aggregate goods and services demanded equals the quantity produced?
This is when demand and supply are said to be in "Equilibrium" when both demand and supply are exactly the same. Hopes this helps! Akmed Ommbejumba
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
What are the four fundamental economic questions?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
For whom are goods and services produced in a market economy?
Goods and services are produced for consumers . What the consumer wants, the entrepraneur or company will give..
Distinguish between actual and potential growth?
• Potential growth is the change in the ability of the economy to produce goods and services.•Actual growth is a rise in the quantity of goods and services produced
What is the point at which the quantity of aggregate goods and services demanded equals the quantity produced?
This is when demand and supply are said to be in "Equilibrium" when both demand and supply are exactly the same. Hopes this helps! Akmed Ommbejumba
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
Supply is the quantity of good and services available for what?
demand
What are the four fundamental economic questions?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
For whom are goods and services produced in a market economy?
Goods and services are produced for consumers . What the consumer wants, the entrepraneur or company will give..
What Three question every economy must answer?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?
Process of price determination?
Price is determined at the point of equilibrium. Equilibrium is a point of balance. In other words, equilibrium is the point at which quantity demanded and quantity supplied is equal. That is, market equilibrium refers to a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is called equilibrium price.
What three questions define the economy of a society?
what goods and services should be produced? How should goods and services be produced? who should get and use the goods and services?
What is the difference between real national income and nominal national income?
Real national income : the actual quantity of goods and services produced. the standard of living depends very much on the quantities of goods and services produced. Nominal national income : the money values of total output, total factor incomes and total expenditure. national income is measured in this way.
Definition of trade quantity?
Trade quantity refers to the quantity of the goods and services from a sale instead of the contractual conditions between the buyer and seller. Trade quantity can cause a change in the prices of exports and imports.
What goods and services are produced?
the goods and services that are produced are maids because they service you and a car because a good is something that is good
