1Council of Economic Advisers
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
2Office of Management and Budget
Implement the president's and staff's vision across the executive branch
3Department of Treasury
Houses all gold and other stuff.
Their goal is to produce fiancial prosperity and security for the country
4Department of Labor
Oversees federal laws of labor in the US
5Department of Justice
Handles criminal prosectuations and lawsuits in the US and looks at crime reports and analyzes them
6Congressional Budget Office
Produce independent analysis of budgetary and economic issues to support economic process
7Federal Reserve
Central bank of the US and conducts monteary policy in the US
8What is the kind of science Economics is refered to and why?
Dismal Science
It is called this because it is an economists job to look into the future and determine bad news essentially
9Economic Models
Help simplify world aorund us and identify relationship between variables quickly
Can be diagrams or equations
10Assumptions
Guesses that help simplfiy complex world and used in Economic models
11Circular Flow Diagram
Two decision makers - Firms and households
12Two Markets
For goods and services
For factors of production