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econ final Flashcards

1
Q

empirical

A

relying on real-world data in evaluating the usefulness of a model

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2
Q

bounded rationality

A

the hypothesis that people are nearly but not fully rational, so that they cannot examine every possible choice available to them but instead use simple rules of thumb to sort among the alternatives that happen to occur to them

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3
Q

positive economics

A

descriptive statements, objective

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4
Q

normative economics

A

judements

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5
Q

economic goods

A

goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price

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6
Q

comparative advantage

A

produce at a lower opportunity cost compared to others

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7
Q

absolute advantage

A

produce more units using given quantity of resources

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8
Q

relative price

A

of units that must be sacrificed to buy another

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9
Q

money price

A

nominal price

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10
Q

ceteris paribus conditions

A

determinants of the relationship between price and quantity that are unchanged along a curve. changes in these factors cause the curve to shift

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11
Q

normal goods

A

income rise, demand rise

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12
Q

inferior goods

A

income rise, demand falls

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13
Q

price system

A

price is always changing to reflect demand and supply i.e. expensive= rare

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14
Q

voluntary exchange

A

two parties trade expecting both to be better off

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15
Q

nonprice rationing devices

A

all methods used to ration scarce goods that are price-controlled. (ex: price ceiling & floor)

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16
Q

labor force participation rate

A

% of non institutionalized working age individuals who are employed or seeking employment

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17
Q

frictional unemployment

A

search for job offers

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18
Q

structural uneumployment

A

poor match of abilities and requirements

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19
Q

cyclical unemployment

A

recessions: actual - natural UE

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20
Q

seasonal unemployment

A

seasonal pattern of work in specific industries

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21
Q

full employment

A

arbitrary level of unemployment that corresponds to “normal” friction in labor market. 除了frictional之外的，只要其他的没有就算full employment，因为fictional永远存在。

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22
Q

natural rate of unemployment

A

UE in long run

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23
Q

price index

A

今天market basket/base year market basket x100

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24
Q

consumer price index

A

消费者买的东西的 weighted avg

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25
producer price index
producer 卖的weighted avg
26
GDP deflator
price index measuring the changes in prices of all new G&S
27
personal consumption expenditure
avg prices that uses annual updated weights based on surveys of consumer spending
28
real rate of interest
nominal rate of interest - anticipated rate of inflation
29
cost of living adjustments (COLAs)
automatic increases in wage rates to take account of increases in price
30
leading indicators
event that have been found to occur before changes in business activity
31
Expenditure approach
GDP= C+I+G+X
32
income approach
GDP= wage+ interest+ rent+ profit
33
durable vs non durable
3 yr
34
gross private domestic investment
capital goods, changes in inventories, repairs to buildings or machines
35
fixed investment
买下来的 producer durables
36
inventory investment
stocks of finished goods, ones in process, raw material
37
indirect business tax
sales and business property tax
38
non income expense items
total of indirect bus taxes and depreciation
39
constant dollars
dollars expressed in terms of real purchasing power using a particular year as the base or standard of comparison, in contrast to current dollars
40
purchasing power parity
adjustment in exchange rate conversions that takes into account diff in the true cost of living across countries 有些国家看似只赚一点钱，那是因为可能食物或修理的工作比较便宜，所以换算一个国家的GDP到美元时，要综合考虑
41
rule of 70
years required for per capita real GDP to double = 70/avg rate of econ growth ( in 10% growth rate, per capita real GDP will double in 7 yr)
42
labor productivity
real GDP/# of workers
43
new growth theory
examines the factors that determine why tech, research, innovation etc are undertaken and how they interact
44
development economics
study of factors that contribute to the econ growth of a country
45
real balance effect (wealth effect)
price increase, purchasing power decrease, buy less (expenditure decrease)
46
interest rate effect
price increase, interest increase, less borrowing (expenditure decrease)
47
open economy effect
price increase, buy less US goods
48
Say's law
supply creates its own demand 因为有需求其他东西，所以要卖东西换钱
49
aggregate demand shock
event that causes AD to shift
50
demand pull inflation
AD increase not matched by AS increase
51
cost push inflation
decrease in SRAS
52
consumption function
relationship between amount consumed and DI
53
autonomous consumption
C that is independent of DI
54
net wealth
stock of assets owned by a person
55
lump sum tax
tax that does not depend on income
56
crowding out effect
为了增加消费，政府借钱买东西，利息上升，投资下降；最终expansionary fiscal policy cause decrease in I and C
57
ricardian equivalence theorem
increase in govm budget does not effect on AD。大家预测到政府上升预算会导致未来tax增加，所以反而花的少
58
direct expenditure offsets
increase in government in an area that competes with private sector will have some direct expenditure offset
59
supply side effects
?
60
recognition time lag
time needed to collect info bout econ
61
action time lag
time needed between recognizing an econ prob and conducting policy
62
effect time lag
time it takes for fiscal policy to effect econ
63
automatic/built in stabilizers
change in G and tax that happens automatically without congress' action
64
medium of exchange's advantages?
decrease transaction costs: specialization and efficiency
65
standard of deferred payment
item is desirable for use as means of settling debts maturing in future
66
transactions deposits
checkable and debitable account balances
67
fiduciary monetary system
currency issued by government and its value rests on public confidence that it can be exchanged for G&S
68
transaction approach
money as medium
69
liquidity approach
money as store of value
70
M1
transaction approach: currency + transactions deposits + traveler's checks
71
thrift insitution
receive funds from ppl's saving 存钱的
72
M2
liquidity approach: M1+ savings deposits+ small denomination time deposits+ balances in retail money market mutual funds
73
financial intermediation
银行拿别人的钱然后再借出去
74
financial intermediaries
银行transfer funds between lenders (savers) and borrowers
75
asymmetric info
交易中，只有一方有info
76
adverse selection
borrowers 用借的钱在高风险project的可能性
77
moral hazard
在得到loan之后，一个借钱的人可能会有risk behavior的可能性
78
liabilities
amount owed
79
assets
amount owned
80
fractional reserve banking
system in which 银行 holds reserves < deposits
81
open market operations
买卖securities。一开始Fed向dealer买bond会因为银行一直借钱而生产好几倍的loan
82
money multiplier
change in reserve = change in money supply
83
potential money multiplier
1/reserve ratio
84
bank run
大家怕bank 借太多钱出去导致liabilities> assets所以一次性把所有钱领出来
85
federal deposit insurance corporation
确保银行存款够
86
why would people demand money? (wants to hold money)
transactions (可以买东西) precautionary (以后可能要用) assets (存value)
87
quantitative easing
Fed open market purchase 想increase bank reserve at 0 interest
88
equation of exchange
MsV=PY (人们手上的钱x income velocity of $ = P x real GDP)
89
quantity theory of money and price
change in money supply is proportional to change in price
90
federal funds market
一堆银行组成的market互相借reserve
91
fed funds rate
银行跟interbank fed funds market 借reserve时用的rate
92
discount rate
fed借reserve时用的rate
93
FOMC directive
一个总结Fed open market committee 的policy的文件
94
trading desk
an office at Fed reserve bank of NY，用来执行monetary policy developed by FOMC
95
Taylor rule
suggested guideline for monetary policy
96
credit policy
policy involving 直接借钱给公司&银行
97
active (discretionary) policymaking
因为econ上的变化而做出相应措施 (monetary and fiscal policy)
98
passive (non discretionary) policymaking
policymaking carried out in response to a rule
99
rational expectations hypothesis
1. 一个人base their expectations bout future values of econ variables on 过去和现在的info 2. 这些expectations包括一个人的understanding about how econ 运作 (i.e. monetary and fiscal policy)
100
policy irrelevance proposition
不管policy 有没有被anticipate,在SR/LR都没用
101
stagflation
在inflation increase的同时，GDP decrease，UE increase
102
small menu costs
D就算改变了，公司如果要改P会有cost
103
new keynesian inflation dynamics
因为AD increase而导致的inflation
104
economics freedom
拥有东西的权利和交易的权利
105
dead capital
没有ownership的capital
106
portfolio Investment
买外国公司少于10%的shares of ownership
107
foreign direct investment
买外国公司多于10%的shares of ownership
108
international financial crisis
外资 and loan一下子从一个国家全部拿光
109
international monetary fund
promote world econ through financial stability (mainly by making loans to 开发中国家）
110
quota subscription
一个国家在 IMF的account,denominated in special drawing rights
111
infant industry argument
要有tariffs to protect from import competition an industry that is getting started
112
dumping
以一个低于国家的P/低于成本的P在国外卖
113
quota system
另一个国家可以在美国卖一定量的一种goods
114
voluntary restraint agreement
日本自愿decrease export到美国
115
voluntary import expansion
自愿increase import美国东东
116
regional trade bloc
group of nations that grants member special privileges
117
trade diversion
shifting trade from 非成员国 to 成员国
118
trade deflection
非成员国把半成品带进bloc里的国家，组装完成后，再卖给其他成员
119
rules of origin
regulations in 成员国 bloc,用来设立product categories eligible for trading

Econ 7-9 (3 decks)

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