CLEP Macroeconomics Terms & Definitions Practice Test

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Say's law
Result of changes in hiring patterns due to the time of year. ex ski instructors and lifeguards
Occurs as unemployed workers and firms search for the best available worker-job matches.
The idea that supply create its own demand. there should be no problem finding demand for the goods and services produced, because the income from making them will be spent purchasing them. this supports the classical contention that the government does not need to concern itself with policies that maintain demand at a desirable level
A statement of all international flows of money over a given period there are three balances within the balance of payments statement: merchandise trade balance, current account balance and financial account balance