What I've learned
1. Government transfer payments are not included when calculating government purchases.
2. Barter transactions, housework, and do-it-yourself home repairs are examples of nonmarket activities.
3. indirect taxes are taxes included in the final price of goods and services.
4. The process macroeconomists use to track production, income, and consumption is known as national income accounting and provides information about a country's economic activities.
5. War is an external factor that can affect the business cycle.
6. Business cycles are fluctuations in a market system's economic activity.
7. Lagging indicators change months after an upturn or downturn in the economy has begun.
8. Without long-term economic growth, a country's standard of living decreases.
9. A country's tax base expands when economic growth exists.
10. The amount of capital stock per worker is called capital-to-labor ratio.
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