Macroeconomic Policies, Government actions designed to affect the performance of the economy as a whole, Standard of living, The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable, Economic Growth, A process of steady increases in the quantity and quality of the goods and services the economy can produce, Average labor productivity, Output per worker, Trade Imbalances, Exports and Imports differ significantly, Deficit, Imports> Exports, Surplus, Exports > Imports, Aggregation, Adding up small units to get the big picture

Chapter 4 Quiz - Basic Concepts

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