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L1 17 Aggregate Output, Prices, and Economic Growth

This class was created by Brainscape user Steven Popovic. Visit their profile to learn more about the creator.

By: Steven Popovic
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Decks in this class (15)

A Calculate and explain GDP as expenditure and income, B, C
B Compare sum-of-value added and value-of-final-output methods of calculating GDP C Compare y and Y and calculaute and interpret the GDP deflator
5  cards
D Compare GDP, National Income, Personal Income, and Personal Disposable Income
Gdp as expenditure approach,
Gdp national income income approach,
Personal income measures househol...
4  cards
E Explain the fundamental relationship among saving, investment, the fiscal balance, and trade balance
S i g t fiscal balance dif betwee...,
G t s i x m,
G t s i x m
3  cards
F Explain the IS LM curves and how they combine to gen the agg. D curve
Understand the factors that deter...,
Is curve inverse relationship bet...,
Lm curve combos of gdp or real in...
4  cards
G Explain the agg.S curve in SR, LR
Agg s relates plevel and q real y...,
Vrs as curve wages input costs pr...,
Sr output prices change in prop t...
4  cards
I. Describe how fluctuations in aggregate demand and aggregate supply cause short-run changes in the economy and the business cycle
Sr disequilibrium where p2 p1,
Sr disequilibrium where p1 p0
2  cards
J. Explain how SR macroecon Equil. may occur at a level above or below full emp.
Sr full emp above equil economic ...,
Sr full emp below equil recession,
Why do levels of emp vary
5  cards
L Describe Sources, Measurement, and Sustainability of Economic growth
Sources of economic growth,
Measurement of economic growth,
Sustainability of economic growth...
3  cards
M Describe the production function approach to analyzing the sources of economic growth
Production function and econ grow...
1  cards
N Distinguish between input growth of total factor productivity a components of economic growth
Input growth as a component of ec...,
Input growth as a component of ec...,
Total factor productivity as a co...
4  cards
H Explain causes of movements along and shifts in aggregate demand and supply curves
Movements along agg d curve,
Movements along agg d curve,
Movements along agg s curve
11  cards
Analyze the effect of combined changes in Agg. S and Agg. D on the econ.
Inc pl means,
Adjustment to increase in aggd in...,
Adjustment to dec in aggd recessi...
4  cards
b compare the sum-of- value- added and value-of- final- output methods of calculating GDP;
0  cards
c compare nominal and real GDP and calculate and interpret the GDP deflator;
0  cards
k analyze the effect of combined changes in aggregate supply and demand on the economy;
0  cards

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L1 17 Aggregate Output, Prices, and Economic Growth

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