Macroeconomics Chapter 1,2,3,8

Economics the study of the management and allocation of limited resources Economics model a simplified version of reality used to analyze real-world economics situations scarcity a situation in which unlimited wants exceed the limited resources available to fulfil those wants Microeconomics the study of how households and firms make choices Market group of buyers and […]

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Venn diagram: macroeconomics vs. microeconomics

Considers how prices affect individual buyers and sellers Microeconomics Companies use it to understand what to sell, what to charge, and how to make Microeconomics Study of how individuals and businesses behave within certain economic conditions Microeconomics Examines how goods and services are priced and specific markets Microeconomics A field of study in economics Both […]

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MacroEconomics Final Review

Economics the study of how people, institutions, and society make economic choices under conditions of scarcity. Macroeconomics the parts of economics concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measure of the total economy. Circular Flow Model the flow of resources from household […]

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Macroeconomics Chapters 1-5

What are the three core choices in the economy? what, how, and for whom Define “economy”. the grand sum of all production and consumption activities Define “scarcity”. the limitation of a nation’s resources What are the four basic factors of production? land, labor, capital, and entrepreneurship Define “economics”. the study of how people use scarce […]

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Macroeconomics Final Exam Study Guide

lower RRR decrease interest rates, decrease unemployment, increase RGDP, increase price levels raise RRR increase interest rates, increase unemployment, decrease RGDP, decrease price levels deduction an amount that can deducted from taxable income S&P 500 500 companies on the NYSE DOW composite index of 30 of largest companies stagflation increase AD, increase price levels, increase […]

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AP macroeconomics

absolute advantage the ability to produce something more efficiently capital productive equipment or machinery comparative advantage the ability to produce something with a lower opportunity cost economics a social science that studies how resources are used and is often concerned with how resources can be used to their fullest potential efficiency using resources to their […]

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Macroeconomics (Chapter 5-7)

Gross Domestic Product (GDP) the *total market value* of all final goods and services produced within a given period by factors of production located within a country a. Final goods and services: goods and services produced for final use b. Intermediate goods: goods that are produced by one firm for use in further processing by […]

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Macroeconomics: Midterm

When is the output gap negative? When Potential GDP > Real GDP A measure of both the incomes and expenditures of an economy is? Gross Domestic Product The calculation for the GDP deflator is? (Nominal GDP/Real GDP) x 100 The three factors of production include? Land, Labor, Capital What is the indicator of the maximum […]

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Macroeconomics Chapters 6-9 Test

Chapter 6 … What is a recession A decline in GDP and unemployment (2Q) Real GDP Measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Unemployment Person can’t get a job and wants a job What causes shock in the economy Demand and Supply shocks […]

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