Econ unit 5 Flashcards
1
Q
Philips curve
A
UE X axis Inflation Y axis
2
Q
economic growth definition
A
sustained increase in per capita real GDP - per capita rGDP = rGDP/population
3
Q
Quantity theory of money
A
M(money supply) x V (velocity of money) = P (price level) x Y (quantity of output or GDP)
MV=PY
4
Q
AS/AD Graph
A
Price level (Y axis) and GDP (X axis)
5
Q
elements of economic growth
A
Quantity of resources (land, labor capital), productivity, physical capital
6
Q
Net investment
A
Gross investment - depreciation
7
Q
Loanable funds graph
A
real interest rate (y axis) amount of funds (x axis)
8
Q
PPC graph
A
consumer (x axis) capital (y axis)
9
Q
A
