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Principles of Macroeconomics > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Competitive Market

A

Each buyer and seller is too small to affect the market price.

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2
Q

Endogenous Variables

A

Variables a model tries to explain.

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3
Q

Exogenous Variables

A

Variables determined outside the model.

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4
Q

Market Clearing

A

Prices are flexible and adjust to equate supply and demand.

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5
Q

Short Run

A

Prices are sticky.

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6
Q

Long Run

A

Prices are flexible.

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Principles of Macroeconomics (15 decks)

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