EC 200-B01


Gross Domestic Product / Gross National Product (GDP/GNP)
Unemployment rate
– frictional (ordinary, transitional unemployment — floor = 3%)
– structural (jobs and job seekers not near each other, or job seekers don’t have needed skills: mismatch)
– cyclical (built-in to capitalist system)

gov’t spending & tax policy

inflation (average 3-4% annually)

“money illusion”

Karl Marx – some criticisms of capitalism

  1. drive for profit
  2. cut costs
  3. more sales
  4. capitalists control gov’t
  5. imperialistic wars
  6. monopoly capitalism
  7. middle-class squeeze
  8. cash nexus
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