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By:
Irina Soloshenko
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Decks in this class (34)
Scarcity
Economics,
Scarcity,
All resources are limited which o...
4
cards
Production Possibilities Frontier
Four factors,
Efficiency,
Production factors
5
cards
Law of Increasing Opportunity Costs
Law of increasing opportunity costs,
Relationship between two options is,
Remember this
4
cards
Comparative Advantage
Comparative advantage,
Specialization,
Remember this
5
cards
Circular Flow Including Government
Households,
Government,
Businesses
7
cards
Demand Curve
Demand,
Demand curve downward sloping lin...,
Income can affect where the deman...
14
cards
Supply Curve
Supply curve,
Technological advancements,
When the cost for factors of prod...
7
cards
Market Equilibrium for Supply and Demand
Market equilibrium,
Remember this,
Note
13
cards
Produce and Consumer Surplus
Consumer surplus,
Producer surplus,
When there is a consumer surplus ...
11
cards
Capitalism
Freedom of enterprise,
Self interest,
Private property
10
cards
Unit 1
Goat milk business,
Ppf curve bow outward,
Opportunity cost of producing air...
11
cards
Components of GDP
Gross domestic product functions ...,
Remember this,
Component
5
cards
Circular Flow in GDP
Private consumption,
Government expenditures,
Exports
15
cards
Inflation
Inflation,
Hyper inflation,
Noo
8
cards
Nominal vs. Real GDP
Nominal gdp,
Real gdp,
Note
14
cards
CPI
Consumer price index cpi,
Ex,
Cpi calculation
12
cards
Effects of Inflation
Creditors lenders,
Debtors borrowers,
Savers
9
cards
Phases of the Business Cycle
Business cycle,
Boom peak,
Recession
6
cards
Types of Unemployment
Unemployment,
Frictional,
Structural
10
cards
Measuring Unemployment
Unemployment rate,
Unemployment rate calculation,
Discouraged workers
7
cards
Costs of Unemployment
A high rate of unemployment carri...,
Note,
Gdp gap
8
cards
Unit 2
Least affected by low levels of i...,
Time period is beginning to fall ...,
The unemployment rate calculation...
12
cards
Micro vs Macroeconomics
Microeconomics,
Macroeconomics,
In microeconomics scarce resource...
3
cards
Circular Flow with Aggregate Demand
Aggregate demand,
C consumption,
G government spending
7
cards
Components of Aggregate Demand
Aggregate demand,
Remember this,
Simple demand
5
cards
Shifting the Aggregate Demand Curve
Three main ways to shift the curve,
Changes in income,
Changes in interest rates
9
cards
Short Term Aggregate Supply
Short run aggregate supply,
X axis,
Y axis
7
cards
Shifting the Short-Term Aggregate Supply
Increase,
Decrease,
Government
10
cards
Keynesian Long Run Aggregate Supply
John maynard keynes,
Theory,
What should happen when the need ...
9
cards
Classical Analysis of Aggregate Supply
Adam smith,
Key concepts,
Implications of a vertical lras c...
9
cards
Shifting the Long-Term Aggregate Suply
Changes in factors of production,
Land,
Labor and management
13
cards
Short-run Macroequilibrium
Equilibrium,
Short run macro equilibrium,
Note
6
cards
Long-Run Classical Macroequilibrium
Classical economic theory,
Increase in purchasing power,
Maximum output levels
13
cards
Long-Run Keynesian Macroequilibrium
Keynesian economic theory,
Third phase when exports increase,
Inflationary gap occurs when you ...
9
cards
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Economics
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