Chapter 10 (What is Macroeconomics?)

Microeconomics the study of individual units that comprise the economy; a single household’s decisions: what jobs to take, how to spend income; a single firms decisions: output, pricing Macroeconomics the study of economic-wide issues: key word is “aggregate”, unit of measure is the nation examples: How many people have jobs? Read more…

Macroeconomics Chapter 28,29, & 30

Comparative advantage Each nation specialized in a product for which its opportunity cost is lower in terms of the production of another product and the nations trade. Free trade Benefits a nation as a whiling but individuals may lose jobs and incomes from the competition from foreign goods and services. Read more…

Principles of Macroeconomics Chapters 1-4

Economics The social science that deals with the analysis of material problems and how societies allocate scarce resources to satisfy human wants Macroeconomics The study of aggregated economic activity such as the forces that determine the level of income and employment in a society Microeconomics the study of disaggregated economic Read more…

macroeconomics chapters 6 – 10

Business Cycle alternate periods of economic expansion and economic recession, fluctuations in economic activity, such as employment and production Recession an economic slump; a depression; a decline Real GDP or Real Gross Domestic Product a measure of GDP in which the quantities produced are valued at the prices in a Read more…

Macroeconomics terms-McGraw Hill

business cycle Recurring increases and decreases (fluctuations) in the level of in economic activity over periods of years; consists of peak, recession, trough, and expansion phases. (such as employment and production) economics the study of how society manages its scarce resources efficiency the property of society getting the most it Read more…

Macroeconomics (Chapter 1 and 2)

Scarcity the limited nature of society’s resources Economics the study of how society manages its scarce resources Efficiency the property of society getting the most it can from its scarce resources Equality the property of distributing economic prosperity uniformly among members of society Opportunity Cost whatever must be given up Read more…

Macroeconomics Definitions

Natural Resources the lands, water, metals, minerals, animals and other gifts of nature that are available for producing goods and services. Scarcity the perpetual state of insufficiency of resources to satisfy people’s unlimited wants. Economics the study of how people work together to transform resources into goods and services to Read more…

Macroeconomics Chapter 7-12

The Business Cycle Gives us insight on our economy Economic Boom 5% or greater increase Economic Bust When the economy shrinks by 5% Law of demand Quantity of a good demanded at a given time period increases as its price fall Classical economic school of thought Adam Smith- “Wealth of Read more…

Microeconomics vs. Macroeconomics

Microeconomics individual units that comprise the economy ex. a person choosing b/t taking a job in GA or FL ex. firm choosing to open another factory Macroeconomics the study of the broader economy ex. inflation ex. economic growth and productivity ex. unemployment Macro- broad outlook Micro- individual units

Ch. 10 The data of macroeconomics

microeconomics the study of how households and firms make decisions and how they interact in markets macroeconomics the study of economy-wide phenomena, including inflation, unemployment, and economic growth expenditure for an economy as a whole, income must equal _____ gross domestic product the market value of all final goods and Read more…

Principles of MacroEconomics chp 1-10

Economy How society manages it’s scarce resources – or all it’s resources Scarcity The limited nature of society’s resources Efficiency The property of society getting the most it can from its scarce resources Equality The property of distributing economic prosperity uniformly among the members of society Opportunity cost Whatever must Read more…

5.1: Introduction to Macroeconomics

The aim of study of macroeconomics is to examine the economy’s behavior. Which best describes why a government’s actions are important within macroeconomics Government can use policy to influence the economy. This is a graph showing price and total output in the short and long run. According to this graph, Read more…

Macroeconomics Chapter 38

Purchasing Power Parity (PPP) A method of comparing income by looking at the domestic purchasing power of money in differnent countries. Restructuring Changing the underlying economic institutions. Dual Economy The existence of two sectors: a traditional sector and an internationally oreinted modern market sector. Regime Change A change in the Read more…

AP Macroeconomics Exam

aggregate demand curve a curve depicting the relationship between real GDP demanded (i.e., expenditures) and the price level in the economy; the aggregate demand curve slopes downward from left to right. aggregate supply curve a curve defining the relationship between real production and price level. business cycles fluctuations in real Read more…

Macroeconomics Chapter 8

aggregate output the total quantity of goods and services produced (or supplied) in an economy in a given period of time. aggregate income the total income received by all factors of production in a given period. aggregate output (income) (Y) a combined term used to remind you of the exact Read more…

Macroeconomics: Chapters 1,2,3

What is economics? study of how people allocate their limits 2 Branches of economics Macroeconomics (large) Microeconomics (small) Macroeconomics Study of behavior of the economy as a whole -Inflation -Taxes -Unemployment Microeconomics study of decision making undertaken by individuals and firms 3 Basic Questions What/How much will be produced? How Read more…

Macroeconomics Chapter 1,2,3,8

Economics the study of the management and allocation of limited resources Economics model a simplified version of reality used to analyze real-world economics situations scarcity a situation in which unlimited wants exceed the limited resources available to fulfil those wants Microeconomics the study of how households and firms make choices Read more…