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Macro
Chap. 4
8
Economics
Undergraduate 1
07/11/2006

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Term
aggregation
Definition
the adding up of individual economic variables to obtain economy-wide totals
Term
average labor productivity
Definition
output per employed worker
Term
fiscal policy
Definition
decisions that determine the government's budget, including the amount and composition of government expenditures and government revenue
Term
macroeconomic policies
Definition
government actions designed to affect the performance of the economy as a whole
Term
monetary policy
Definition
determines the nation's money supply
Term
normative analysis
Definition
addresses the question of whether a policy should be used; involves the value of the person doing the analysis
Term
positive analysis
Definition
addresses the consequences of a particular event or policy, not whether those consequences are desirable
Term
structural policy
Definition
government policies aimed at changing the underlying structure, or institutions, of the nation's economy
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