Chapter 8 Vocabulary

• the study of the behavior and decision making of entire economies.

• Microeconomics

• Macroeconomics

• Gross Domestic Product (GDP)

• the study of the behavior and decision making of entire economies.

• Microeconomics

• Macroeconomics

• Gross Domestic Product (GDP)

• The study of the economy’s behavior and decision making of small units, such as individuals and businesses.

• Microeconomics

• Macroeconomics

• Gross Domestic Product (GDP)

• The study of the economy’s behavior and decision making of small units, such as individuals and businesses.

• Microeconomics

• Macroeconomics

• Gross Domestic Product (GDP)

• the total value of all final goods and services produced in an economy.

• Labor force

• Gross Domestic Product (GDP)

• Macroeconomics

• the total value of all final goods and services produced in an economy.

• Labor force

• Gross Domestic Product (GDP)

• Macroeconomics

• All nonmilitary people who are employed or unemployed.

• Learning effect

• Labor force

• Screening effect

• All nonmilitary people who are employed or unemployed.

• Learning effect

• Labor force

• Screening effect

• Theory that education increases productivity and results in higher wages.

• Screening effect

• Learning effect

• Census

• Inflation

• Theory that education increases productivity and results in higher wages.

• Screening effect

• Learning effect

• Census

• Inflation