Macroeconomics

Macroeconomics Chapters 1-5

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…

Macroeconomics

Macroeconomics Final Exam Study Guide

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…

Macroeconomics

AP macroeconomics

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…

Macroeconomics

Macroeconomics: Midterm

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…

Macroeconomics

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 Read more…

Macroeconomics

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 Read more…

Macroeconomics

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 Read more…

Macroeconomics

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, Read more…

Macroeconomics

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 Read more…