It’s quite easy to create a memory that would save information, constantly fueled by the power from the network or battery. It’s more difficult to come up with a way to store information without a power source. And these devices must have a large amount of memory, quickly write and read information and to be inexpensive for the cost. One of those “devices” are flashcards or information cards and in our case – its a learning guides for studying economics. You can use it for various reasons: to learn about audit, business, financial or managerial purposes. But if you’re a student, you can use it as test help, study guide, save different kinds of starting materials, as well as teaching materials.
During several years, flashcards became a very useful tool to study. For exam help and learning in economics, use information cards, as they have many advantages:
• Compactness. Flashcards allow you to store up the information related to economics and its branches. Now you don’t need to read the wordage books. Just have a glance at the card and recollect all data.
• Economical. Flashcard has one of the best prices – they are free. They will make your education cheap.
• Reliability. The information is always up to date and is based on the relevant facts.
Economics flash cards are the leaders among books, music, films, documents for business or education. Let’s imagine a situation that you are required to read 100 pages in order to understand the topic and write a really good summary. What should you do? We have an answer! All that you need is to use those magnificent flashcards as they will save your time and nerves.
When is the output gap negative? When Potential GDP > Real GDP A measure of both the incomes and expenditures of an economy is? Gross Domestic Product The calculation for the GDP deflator is? (Nominal GDP/Real GDP) x 100 The three factors of production include? Land, Labor, Capital What is Read more…
Chapter 6 … What is a recession A decline in GDP and unemployment (2Q) Real GDP Measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Unemployment Person can’t get a job and wants a job What causes shock in the Read more…
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…
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…
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…
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…
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…
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…
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…
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…
What is opportunity cost? what you give up in order to get something else A college cost $20,000 per year. The job you give up to go to college pays $30,000 a year. What is the opportunity cost of going to college? $50,000 Demand has a negative slope true A Read more…
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
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…
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…
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…
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…
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…
Microeconomics vs. Macroeconomics Micro deals with the interactions and decisions of individual households as well as firms. Macro deals with the economy as a whole. What is GDP? The market value of all final goods and services produced within a country in a given period of time. What are the Read more…
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…
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…