Chapter 1 Reflection

1. What in this chapter made you think about an economic concept differently than your previous beliefs?  

After reading chapter 1, I know look at the concept of a country’s stanard of living deppends on its ability to produce goods and services. I originally thought that you could have a country that produces a lot of goods, but those workers are paid a very small wage, there for they would have a low standard of living. The more I read in the chapter the better it helped me understand how the country’s who have a high standard of living are the ones producing more goods and services.

2. What new questions do you have now about the US economy based on this chapter?

How much money would the government have to print for the prices to rise? I understand that if they just keep pringint money that it will make it less valuable, but is there a actually number or percent where the price starts to rise?

Is there anyway around the short-run trade-offs between inflation and unemployment?

3. If you already took Macroeconomics, what is your strongest memory from the material you covered in that class? 

My strongest memory/what suprised me the most was the amount of debt in the United States. Not just Debt that the country is in, but also individuals.

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