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ECON > Econ Final > Flashcards

Econ Final Flashcards

(90 cards)

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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
processed or transformed into another product that is sold, moves on
intermediate goods
26
what it's worth (PxQ)
value
27
output valued at current prices
nominal GDP
28
output valued at constant base year prices
real GDP
29
measure of the level of prices
price index
30
percent change in price index or widespread increase in level of prices
inflation
31
increase in real GDP per capita
economic growth
32
if something grows at an annual rate of g percent then that thing will double in size in about 72/g years
rule of 72/70
33
additional productive ability acquired through training or education or expense
human capital
34
produced means of production
physical capital
35
economic growth in a country with low GDP per capita
economic development
36
easily converted into cash
liquidity
37
percent of the labor force that has no job
unemployment rate
38
body of potential workers
labor force
39
accumulated life savings
wealth
40
assets people regularly use to buy goods and services from other people
money
41
item you give to a seller earn you want to buy goods and services from them
medium of exchange
42
a good with intrinsic value used as money
commodity money
43
not a good, no value in use
fiat money
44
money that is readily available to cover withdrawal requests
reserves
45
initial rate charged by commercial banks on loans to commercial banks
federal funds rate
46
central bank buys non government bonds
quantitative easing
47
m1 as set by the Fed
supply of money
48
people want money so they can buy stuff
demand for money
49
in the long run, money supply sets prices
quantity theory of money
50
period of exploding price level increases
hyper inflation
51
has dealings with other countries
open economy
52
purchase of foreign assets by domestic residents minus purchase of domestic assets by foreigners
net capital outflow
53
exports minus imports
net exports
54
net exports are equal to 0
balanced trade
55
net exports are greater than 0
trade surplus
56
net exports are less than 0
trade deficit
57
buying or building businesses abroad or buying significant stocks
foreign direct investment
58
buying financial assists, stocks, bonds, and bank accounts
foreign portfolio investment
59
foreign direct investment and foreign portfolio investment
capital flows
60
currency from another country you want so you can buy their stuff
foreign exchange
61
the price of one currency in terms of another or how many units of other currency can 1$ buy
exchange rate
62
increasing in value relative to another currency
appreciating
63
loses value relative to another currency
depreciates
64
irregular but repeated pattern of expansion and contraction of national output
business cycle
65
national output is increasing
expansion
66
high point of the cycle
peak
67
declining national output
contraction
68
low point of the cycle
trough
69
period of at least two consecutive quarters of declining real output
recession
70
severe recession
depression
71
curve or schedule that shows prices and quantities of real output people are willing to buy at various price levels
aggregate demand
72
pertains to spending and taxing
fiscal policy
73
controls interest rates or the money supply
monetary policy
74
curve or schedule that shows questions of real output people are willing to supply at various price levels
aggregate supply
75
time when all input prices are freely variable, reach equilibrium values
long run
76
time when at least one input price is fixed
short run
77
elements of fiscal policy that change government taxes or spending without any discretionary action at the same time
automatic stabilizers
78
similar goods that satisfy similar needs
substitutes
79
amount the government must borrow in a year
deficit
80
total amount a nation owes, represents all borrowing and paying off over history
National debt
81
Keynes theory that the interest rate adjusts to bring money supply and money demand into balance
Theory of liquidity preference
82
The setting of the level of government spending and taxation by government policymakers
Fiscal policy
83
The additional shifts in aggregate demand that result when expansionary fiscal policy increase s income and thereby increases consumer spending
Multiplier effect
84
The offset in aggregate demand that results when expansionary fiscal policy raises the interest-rate and thereby reduces investment spending
Crowding-out effect
85
Changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action
Automatic stabilizers
86
Model that most economists used to explain short run fluctuations and economic activity around it's long run trend
Model of aggregate demand an aggregate supply
87
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
Aggregate-demand curve
88
A curve that shows the quantity of goods and services that firms choose to produce and sell at each price level
Aggregate-supply curve
89
The production of goods and services that an economy achieves in the long run when unemployment is at its normal rate
Natural level of output
90
Period of falling output and rising prices
Stagflation

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