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 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 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 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 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 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 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 Read more…
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 Read more…
Considers how prices affect individual buyers and sellers Microeconomics Companies use it to understand what to sell, what to charge, and how to make Microeconomics Study of how individuals and businesses behave within certain economic Read more…
Economics the study of how people, institutions, and society make economic choices under conditions of scarcity. Macroeconomics the parts of economics concerned with the economy as a whole; with such major aggregates as the household, Read more…
What are the three core choices in the economy? what, how, and for whom Define “economy”. the grand sum of all production and consumption activities Define “scarcity”. the limitation of a nation’s resources What are Read more…
lower RRR decrease interest rates, decrease unemployment, increase RGDP, increase price levels raise RRR increase interest rates, increase unemployment, decrease RGDP, decrease price levels deduction an amount that can deducted from taxable income S&P 500 Read more…
absolute advantage the ability to produce something more efficiently capital productive equipment or machinery comparative advantage the ability to produce something with a lower opportunity cost economics a social science that studies how resources are Read more…
Gross Domestic Product (GDP) the *total market value* of all final goods and services produced within a given period by factors of production located within a country a. Final goods and services: goods and services Read more…
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 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. 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 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 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 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 Read more…
Do you remember sitting on a tedious lection, nodding off with a smart look? But the most dreadful feeling is to find you still have another hour to go. And do you remember a lesson when you were involved in the studying process? You were shouting out, asking questions and getting excited. In that case, the most disappointing feeling was to hear the ring and realize that time’s up. In this style of learning you often catch yourself saying something like “time fly’s when your having fun” and it doesn’t feel like you’re having to work hard to take in and remember the new information.
But the main advantage of those methods of studying is that you retain up to 80 % of the studying materials. Flashcards are an excellent tool to encourage highly “active” learning. They encourage a student to see the information, use it hands on straight away and then recall the information later.
Macroeconomics is a hard subject to learn using study guides. To learn its principles and definitions in a passive way, using study guides, is time-consuming and demands a lot of effort. The macroeconomics course covers topics like measurement of economic performance, national income and output, consumption, price determination, unemployment, inflation, investment, savings, economic growth, international trade, international finance and the open economy. It is a complex and sophisticated academic disciple, that often turns a mockery for students. Here is the exact case where information cards will come in handy.
Our goal is very simple – to help students to learn and memorize the material they need, and teachers to find and use new teaching aids.
Flashcards are a perfect tool in test and exam help, memorizing teaching material, writing academic papers and education, on the whole. Do you still hesitate? Grab the paper to make flashcards or download an app and make your education more exciting and fascinating!