Econ 101 - Lecture 2

Advises the president on economic forecasts and plicies in foriegn or domestic issues.
Produces annual economic report of the president whihc talks about what is generally going on in the economy

Implement the president's and staff's vision across the executive branch

Houses all gold and other stuff.
Their goal is to produce fiancial prosperity and security for the country

Oversees federal laws of labor in the US

Handles criminal prosectuations and lawsuits in the US and looks at crime reports and analyzes them

Produce independent analysis of budgetary and economic issues to support economic process

Central bank of the US and conducts monteary policy in the US

Dismal Science
It is called this because it is an economists job to look into the future and determine bad news essentially

Help simplify world aorund us and identify relationship between variables quickly
Can be diagrams or equations

Guesses that help simplfiy complex world and used in Economic models

Two decision makers - Firms and households

For goods and services
For factors of production