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Macro Jargon > Jargon 1 > Flashcards

Jargon 1 Flashcards

1
Q

Rise in the price of one currency relative to another

A

Appreciation

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2
Q

Anything having exchange value in the market place; wealth

A

Asset

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3
Q

A certificate acknowledging a date and amount of interest to be paid each year until repayment
An IOU

A

Bonds

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4
Q

Government document presenting government’s proposed revenues and spending for a fiscal year

A

Budget

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5
Q

Wealth invested in the production process
Consists of capital goods and capital stock
One of the four factors of production

A

Capital

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6
Q

An item used to produce other goods and services in the future rather than being consumed today

A

Capital goods

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7
Q

The total physical capital existing in an economy at any moment of time
Machinery, equipment, and plant

A

Capital stock

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8
Q

The ability of a country to produce a specific good at a lower opportunity cost then it’s trading partners

A

Comparative advantage

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9
Q

A reduction in private sector borrowing and spending caused by increased government borrowing

Gov squeezes out the private sector of investment funds

A

Crowding out effect

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10
Q

The account balance includes international purchases and sales of goods and services, cross-border interest and dividend payments, and cross-border gifts to and from both private individuals and governments

Think goods, services, money, and foreign aid crossing borders

A

Current account balance

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11
Q

And excess of liabilities over income or assets in a given period

A

Deficit

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12
Q

Manages federal finances by collecting taxes and paying bills and by managing currency, government accounts, and public debt. Also enforces finance and tax laws

A

Department of the treasury

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13
Q

The consumption of capital in the production process

The wearing out of plant and equipment

A

Depreciation

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14
Q

The currency is said to depreciate when exchange rate changes so that a unit of this currency can buy fewer units of foreign Currency

A

Depreciation (currency)

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15
Q

After tax income of households

personal income less personal taxes

A

Disposable income

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16
Q

The assembling of resources to produce new or improved products and technologies

A

Entrepreneurship

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17
Q

The combination of price level and real output that is compatible with both aggregate demand and aggregate supply

A

Equilibrium

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18
Q

Goods and services sold to foreign buyers

A

Export

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19
Q

Resource inputs used to produce goods and services

A

Factors of production

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20
Q

The central bank of the United States

it controls the money supply and supervises all the depository institutions within the country

A

Federal reserve system

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21
Q

Component of a country’s balance of payments that cover claims on or of liabilities of non-residents, specifically in regards to financial assets

Think assets crossing borders

A

Financial account balance

22
Q

The government’s plan for spending and taxation (designed to steer aggregate demand in some desired direction)

A

Fiscal policy

23
Q

The total market value of all final goods and services produced within a nation’s borders within a given time.

A

Gross domestic product

24
Q

Goods and services purchased from international sources

A

Import

25
Q

An increase in the average level of prices of goods and services

A

Inflation

26
Q

The transportation, communications, education, judicial, and other institutional systems that facilitate market exchanges

A

Infrastructure

27
Q

The payment for the use of funds employed in the production of capital

A

Interest

28
Q

Expenditures on the production of new plant equipment and structures in a given time period, plus changes in business inventories

A

Investment

29
Q

A British economist who believed the government should play an active but not all inclusive role in managing the economy

A

Keynes, J.M.

30
Q

All persons over age 16 who are either working for pay or are actively seeking paid employment

A

Labor force

31
Q

The quantity of a good demanded in a given time period Increases as its price falls

A

Law of demand

32
Q

The quantity of a good supplied in a given time period Increases as its price increases

A

Law of supply

33
Q

A period of time long enough for input prices to have fully adjusted to market forces. In this period all product and input markets are in a state of equilibrium and the economy is operating at full employment

Think decades and centuries

A

Macroeconomic long run

34
Q

The period of time during which the prices of goods and services are changing in their respective markets, but the input prices have not yet adjusted to the changes in the product market

Think weeks and months

A

Macroeconomics short run

35
Q

The use of money and credit controls to influence macroeconomic outcome

A

Monetary policy

36
Q

The most desired goods or services that are foregone in order to obtain something else

A

Opportunity cost

37
Q

The dollar value of GDP divided by total population, average GDP

A

Per capita gross domestic product

38
Q

A good or service who is consumption by one person does not include consumption by others

A

Public good

39
Q

Specifies the maximum amount of a good that is permitted into the country from abroad per unit of time

A

Quota

40
Q

Hypothesis that people’s spending decisions based on all available information including the anticipated affects of government’s intervention

A

Rational expectations

41
Q

The value of final output produced in a given period, adjusted for changing prices

A

Real gross domestic profit

42
Q

A period of time during which the total output of the economy falls

A

Recession

43
Q

The amount of money a firm receives in the course of doing business

A

Revenue

44
Q

A friend of fellow classical economists Thomas Malthus and Jean Baptiste Say, he developed many economic theories that are still in use today. The most influential was comparative advantage, the theory underpinning the case for free trade

A

Ricardo, D

45
Q

The part of disposable income not spent on current consumption
disposable income less consumption
Yd - C= S

A

Savings

46
Q

Wrote the “wealth of Nations”, said the invisible hand determines what gets produced, how, and for whom

A

Smith, A

47
Q

A tax on imports

A

Tariff

48
Q

A compulsory contribution to state revenue, levied by the government on the workers income and business profits or added to the cost of some goods, services, and transactions

A

Tax

49
Q

Exports - imports

A

Trade balance

50
Q

The proportion of the labor force that is unemployed

A

Unemployment rate

Macro Jargon (2 decks)

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