Instructions: _∙ Identify Each Item. Give an Explanation or Description of of the Item

question 82

Essay

Instructions:
_∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
_∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-assumption of state debts

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Definitions:

Production

The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).

Keynes

refers to John Maynard Keynes, a British economist whose theories on the causes of prolonged unemployment and recommendations for government intervention in economies to stimulate demand and control inflation have had a significant influence on modern macroeconomics.

Aggregate Supply

The total supply of goods and services that firms in a national economy plan to sell during a specific time period.

Aggregate Demand

The total demand for goods and services within an economy at a given time and price level.