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ECON > Econ Final > Flashcards

Econ Final Flashcards

1
Q

economics is the study of mankind in the ordinary business of life

A

alfred marshall

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2
Q

economics is the study of how society manages it’s scarce resources

A

Mankiw

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3
Q

whatever you have that helps you get what you want

A

resources

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4
Q

theres not enough compared to what we want

A

scarcity

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5
Q

to do one thing and not do another

A

trade off choosing

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6
Q

what you give up when you choose to do something

A

opportunity cost

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7
Q

system of relations between factors, including interactions and cause and effect links

A

theory

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8
Q

conditional prediction

A

hypothesis

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9
Q

curve or schedule that shows all combinations of goods that can be produced using all available resources and technology

A

production possibilities

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10
Q

all the known ways to combine resources to produce goods

A

technology

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11
Q

descriptive economics, how the world works and what is.

A

positive economics

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12
Q

welfare economics. Changes we should make, what ought to be

A

normative economics

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13
Q

structure of laws, customs, and government bodies that generate our answers

A

economic system

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14
Q

the amount people are willing to buy at one particular price

A

quality demanded

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15
Q

curve or schedule that shows quantities people are willing to buy at various prices

A

demand

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16
Q

as prices fall the same amount of money can buy more

A

income effect

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17
Q

as price drops the product becomes a better bargain so some switch and buy this

A

substitution effect

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18
Q

decreases in demand when income increases

A

inferior good

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19
Q

higher demand when income increases

A

normal good

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20
Q

amount people are willing to sell at one particular price

A

quantity supplied

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21
Q

curve or schedule that shows the quantities people are willing to sell at various prices

A

supply

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22
Q

no net force for change

A

equilibrium

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23
Q

value of all final goods and services produced within a country in a given time period

A

gross domestic product

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24
Q

bought by final user, does not move on

A

final goods

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25
Q

processed or transformed into another product that is sold, moves on

A

intermediate goods

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26
Q

what it’s worth (PxQ)

A

value

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27
Q

output valued at current prices

A

nominal GDP

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28
Q

output valued at constant base year prices

A

real GDP

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29
Q

measure of the level of prices

A

price index

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30
Q

percent change in price index or widespread increase in level of prices

A

inflation

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31
Q

increase in real GDP per capita

A

economic growth

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32
Q

if something grows at an annual rate of g percent then that thing will double in size in about 72/g years

A

rule of 72/70

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33
Q

additional productive ability acquired through training or education or expense

A

human capital

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34
Q

produced means of production

A

physical capital

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35
Q

economic growth in a country with low GDP per capita

A

economic development

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36
Q

easily converted into cash

A

liquidity

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37
Q

percent of the labor force that has no job

A

unemployment rate

38
Q

body of potential workers

A

labor force

39
Q

accumulated life savings

A

wealth

40
Q

assets people regularly use to buy goods and services from other people

A

money

41
Q

item you give to a seller earn you want to buy goods and services from them

A

medium of exchange

42
Q

a good with intrinsic value used as money

A

commodity money

43
Q

not a good, no value in use

A

fiat money

44
Q

money that is readily available to cover withdrawal requests

A

reserves

45
Q

initial rate charged by commercial banks on loans to commercial banks

A

federal funds rate

46
Q

central bank buys non government bonds

A

quantitative easing

47
Q

m1 as set by the Fed

A

supply of money

48
Q

people want money so they can buy stuff

A

demand for money

49
Q

in the long run, money supply sets prices

A

quantity theory of money

50
Q

period of exploding price level increases

A

hyper inflation

51
Q

has dealings with other countries

A

open economy

52
Q

purchase of foreign assets by domestic residents minus purchase of domestic assets by foreigners

A

net capital outflow

53
Q

exports minus imports

A

net exports

54
Q

net exports are equal to 0

A

balanced trade

55
Q

net exports are greater than 0

A

trade surplus

56
Q

net exports are less than 0

A

trade deficit

57
Q

buying or building businesses abroad or buying significant stocks

A

foreign direct investment

58
Q

buying financial assists, stocks, bonds, and bank accounts

A

foreign portfolio investment

59
Q

foreign direct investment and foreign portfolio investment

A

capital flows

60
Q

currency from another country you want so you can buy their stuff

A

foreign exchange

61
Q

the price of one currency in terms of another or how many units of other currency can 1$ buy

A

exchange rate

62
Q

increasing in value relative to another currency

A

appreciating

63
Q

loses value relative to another currency

A

depreciates

64
Q

irregular but repeated pattern of expansion and contraction of national output

A

business cycle

65
Q

national output is increasing

A

expansion

66
Q

high point of the cycle

A

peak

67
Q

declining national output

A

contraction

68
Q

low point of the cycle

A

trough

69
Q

period of at least two consecutive quarters of declining real output

A

recession

70
Q

severe recession

A

depression

71
Q

curve or schedule that shows prices and quantities of real output people are willing to buy at various price levels

A

aggregate demand

72
Q

pertains to spending and taxing

A

fiscal policy

73
Q

controls interest rates or the money supply

A

monetary policy

74
Q

curve or schedule that shows questions of real output people are willing to supply at various price levels

A

aggregate supply

75
Q

time when all input prices are freely variable, reach equilibrium values

A

long run

76
Q

time when at least one input price is fixed

A

short run

77
Q

elements of fiscal policy that change government taxes or spending without any discretionary action at the same time

A

automatic stabilizers

78
Q

similar goods that satisfy similar needs

A

substitutes

79
Q

amount the government must borrow in a year

A

deficit

80
Q

total amount a nation owes, represents all borrowing and paying off over history

A

National debt

81
Q

Keynes theory that the interest rate adjusts to bring money supply and money demand into balance

A

Theory of liquidity preference

82
Q

The setting of the level of government spending and taxation by government policymakers

A

Fiscal policy

83
Q

The additional shifts in aggregate demand that result when expansionary fiscal policy increase s income and thereby increases consumer spending

A

Multiplier effect

84
Q

The offset in aggregate demand that results when expansionary fiscal policy raises the interest-rate and thereby reduces investment spending

A

Crowding-out effect

85
Q

Changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action

A

Automatic stabilizers

86
Q

Model that most economists used to explain short run fluctuations and economic activity around it’s long run trend

A

Model of aggregate demand an aggregate supply

87
Q

A curve that shows a quantity of goods and services that households, firms, the government , and customers abroad want to buy at each price level

A

Aggregate-demand curve

88
Q

A curve that shows the quantity of goods and services that firms choose to produce and sell at each price level

A

Aggregate-supply curve

89
Q

The production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

A

Natural level of output

90
Q

Period of falling output and rising prices

A

Stagflation

ECON (5 decks)

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