Explore BrainMass

Explore BrainMass

    Classical macroeconomic theory

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What are the terms that are essential for understanding basic macroeconomics?

    © BrainMass Inc. brainmass.com December 24, 2021, 4:41 pm ad1c9bdddf

    Solution Preview

    Capital: the stock of equipment used in production.

    Competition: the state in which there are enough participants in a market such that the actions of any one individual do not influence market prices.

    Consumption: goods and services consumed by consumers.

    Disposable income: the income that remains after paying taxes.

    Exports: Goods or services sold to other countries.

    Factors of production: the ...

    Solution Summary

    The solutions clearly and concisely defines the various terms associated with basic macroeconomics. One-two line definitions are provided for each of the terms. Some of the terms that are defined in the solution include factor prices, marginal propensity, export, income, consumption etc. This is an excellent response for a student who wishes to learn the basics of macroeconomics and understand some basic terms. However, it is not a detailed response. Overall, it is a good response which is brief and to the point.