Seneca College of Applied Arts and Technology ( ) • Business

An introductory look at trends of real GDP growth and the macroeconomic problems of the business cycle, unemployment and inflation.

Assessing the Economy's Performance National income accounting measures the economy's performance by measuring the flows of income andexpenditures over a period of time. National income accounts serve a similar purpose for the economy, as do income statements for business firms. Consistent definition of terms and measurement techniques allows us to use the national accounts in comparingconditions over time and across countries. The national income accounts provide a basis for of appropriat...

The foundation of economics is the economizing problem: society's material wants are unlimited whileresources are limited or scarce.

Definition of Economics The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfactionof human materials wants. Human wants are unlimited, but the means to satisfy the wants are limited.

Goals of Chapter To acquire basic factual information about the household and business components of the private sector economy. To acquire basic factual information about the public (or government) sector in the U.S. economy. To understand the role of the public sector in the U.S. economy.