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Economics by Terry Hillman

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CHAPTER4

How Economists Gauge the Economy

In This Chapter

  • Measuring the health of the economy by the size and changes of the gross domestic product and its components
  • The unemployment rate, consumer sentiment, consumer price index, and other indicators of economic health
  • Quantifying the goals of business and the consumer
  • Labor policy issues

A major theme in economics is choice—consumer choice, which combination of products to produce, does a worker choose more work time or more leisure time, does a farmer plant wheat or corn, and so on.

Another important occupation of economists is measuring. They measure the size of the government, whether ...

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