Economic Factors: Impact on Training and Demand | California State University, Northridge - Edubirdie

University:
California State University, Northridge
Course:
ECON 101 | Economics for Everyday Life
Academic year:

2023
Views:

486

Pages:

1
Author:

Mahmoud M.

Economics notes Technical training: - Technological change that makes a firm more productive - With fixed wages and capital, technology improves and potential GDP increases further. Labor Costs and Other Costs: - Labor Costs and Other Costs Affect SRAS - Impact on Operating Costs - Pressure placed on price level by Small Capacity Enterprises. Total Demand: Real GDP Demand: - Total Final Goods Total Persons, Businesses Total Demand: Relationship between Real GDP Demand and Price Level. - The higher the price, the less real GDP is expected to be. - Four factors: ● Price level ● Expectations ● Monetary policy and fiscal policy ● World economy AD = C + I + G + X - M Factors causing changes: 1. Consumption: - Income, interest, wealth, Consumer Confidence 2. Investment: - Interest, national income, Business confidence 3. Government: - Fix business failure by Changing Policy - 4. Export. Income Tax, Trade Policy 5. Import: - National Income, Currency, High Level

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