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Describe the difference between real and current GDP?
The current GDP is the value of all products and services produced in a country. The real GDP is the value of all the goods and services produced and are expressed in current prices in a country.
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
Why are economists always so concerned with GDP and its impact on the economy?
Economists are concerned with GDP (Gross Domestic Product) because it is a key measure of a country's economic performance. GDP reflects the total value of goods and services produced within a country's borders, indicating the size and health of the economy. Economists use GDP to analyze economic growth, track trends, and make policy recommendations to improve overall economic well-being.
What different types of Economists are there?
There are several types of economists. A major distinction is typically between macroeconomists - economists focused on the economic performance of an entire country, and microeconomists - economists which focus in greater detail on the market for certain goods or services. In addition, several other branches of the subject such as behavioural economics (combining psychology with economics) exist and have economists specialising in these fields.
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
Why is scacity a problem that economists related to economy?
It means only a limited amount of items has been produced therefor limit of goods and services will be produced
Describe the difference between real and current GDP?
The current GDP is the value of all products and services produced in a country. The real GDP is the value of all the goods and services produced and are expressed in current prices in a country.
True or false Economists study the processes of the human mind?
False - economists are concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society
What is the tool that economists often use as a rough measure of a nations prosperity?
Gross Domestic Product (GDP) is the tool that economists often use as a rough measure of a nation's prosperity. It represents the total monetary value of all goods and services produced within a country's borders in a specific time period.
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical thing's that firms make (things that can be seen or touched )?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make ( things that can be seen or touched)?
Economists call the things that firms sell which cannot be touched or seen goods and services.
Why are economists always so concerned with GDP and its impact on the economy?
Economists are concerned with GDP (Gross Domestic Product) because it is a key measure of a country's economic performance. GDP reflects the total value of goods and services produced within a country's borders, indicating the size and health of the economy. Economists use GDP to analyze economic growth, track trends, and make policy recommendations to improve overall economic well-being.
What different types of Economists are there?
There are several types of economists. A major distinction is typically between macroeconomists - economists focused on the economic performance of an entire country, and microeconomists - economists which focus in greater detail on the market for certain goods or services. In addition, several other branches of the subject such as behavioural economics (combining psychology with economics) exist and have economists specialising in these fields.
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
When economists use dollars to count the total value of goods and services they are using money as a?
Measure Of Value
Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.?
satisfaction
