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Macro/Micro Economic

AP Econ terms

Economics study of scarcity
Economy system that coordinates choices about production about consumption, and distributes g&s to those who want them
Market Economy market decisions are determined by the market
Command Economy market decisions are determined by the government or central authority
Incentives rewards or punishments that motivate specific choices
Property rights establish ownership and grant individuals the right to trade g&s with each other
Marginal analysis study of cost and benefits of doing a little bit more of an activity versus a little bit less
Resource anything that can be used to produce something else. Land, Labor, Capital, and Entrepreneurship
Scarcity not enough is available to satisfy the various ways a society wants to use it
Opportunity cost what you must give up to get it
Microeconomics study of how people make decisions and how those decisions interact
Macroeconomics concerned with the overall ups and downs in the economy
Economic aggregates economic measures that summarise data across many different markets
Positive economics branch of econ. analysis that describes the way the econ. actually works
Normative economics branch of econ. analysis on "how" an econ. should work
Business cycle the ups and downs in the overall economy
Depression very deep and prolonged downturn
Recession periods of economic downturns when output and employment are falling
Expansion periods of economic upturns when output and employment are rising
Employment # of people currently employed in the econ.
Unemployment # of people who are actively looking for work, but don't have one
Labor force sum of employment and unemployment
Unemployment rate % of labor force that is unemployed
Output Q of g&s produced
Aggregate output Economy's total production of g&s for a given period
Inflation rise in overall price level; the percentage change in the CPI from one period to the next
Deflation fall in overall price level
Price stability APL is changing slowly
Economic growth increase in maximum amount of g&s produced in an econ.
Economic equity idea of fairness
Ceteris Paribus all other relevant factors remain unchanaged. "All other things equal"
Trade off give up something to have something else
Production possibilities curve illustrates trade off for an econ. producing 2 goods. shows the max Q of one good that can be produced for each possible Q of the other good
Efficient no way to make anyone better of without making some else worse off
Technology technical means for producing g&s
Specialization each person specialises in the task that he/she is good at performing
Comparative advantage producing a g&s if opportunity cost of producing g&s is lower for that individual than for other people
Absolute advantage ability to make more of a g&s with a given amount of time and resource
Competitive market market with many buyers and sellers of the same g&s, none with big market power
Demand schedule shows how much of a g&s consumers will be willing and able to buy at different prices
Quantity demanded actual amount of g&s consumers are willing to buy at a specific price
Demand curve graphical representation of the demand schedule
Law of demand As price rises, people will demand a smaller Q of g&s
Change in demand shift of the demand curve
Movement along demand curve change in price that causes Q of D to change
Substitutes rise in price of one good causes demand for other good to increase
Complements rise in price of one good causes demand for other good to fall
Individual demand curve illustrates relationship between individual Qd and price for an individual consumer
Quantity supplied actual amount of a g&s producers are willing to sell at a specific price
Supply schedule how much of a g&s producers will supply at different prices
Supply curve shows the relationship between Q supplied and price
Law of supply price and quantity supplied of a good are positively related
Philips curve a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy
Market power ability of a firm to affect market price
Externality a cost or benefit, not transmitted through prices, incurred by a party who did not agree to the action causing the cost or benefit
Market failure a concept within economic theory wherein the allocation of goods and services by a free market is not efficient
Marginal change a small change in some quantity
Circular flow model a simple economic model which describes the reciprocal circulation of income between producers and consumers
Import g&s bought from other countries
Export g&s sold to other countries
Shortage a disparity between the amount demanded for a product or service and the amount supplied in a market
Surplus an excess of production over demand
Equilibrium price the market price at which the quantity supplied of a commodity equals the quantity demanded
Equilibrium quantity the quantity demanded and supplied at equilibrium price
Market a place where buyers and sellers can get together to trade or exchange g&s, forming part of the economy
Price elasticity of Supply the sensitivity of supply of a product to changes in its price
Cross-price elasticity of Demand the responsiveness of the demand for a good to a change in the income of the people demanding the good
Price elasticity of Demand a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price
Elasticity the ratio of the percent change in one variable to the percent change in another variable
Price ceiling a government-imposed limit on the price charged for a product
Price floor a government- or group-imposed limit on how low a price can be charged for a product
Tax incidence the analysis of the effect of a particular tax on the distribution of economic welfare
Producer surplus the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for
Cost the total spent for goods or services including money and time and labor
Consumer surplus the amount that consumers benefit by being able to purchase a product for a price that is less than the most that they would be willing to pay
Willingness to pay the maximum amount a person would be willing to pay, sacrifice or exchange for a good
Welfare the economic wellbeing of an individual, group, or economy
Deadweight loss the net loss in economic welfare that is caused by a tariff or other source of distortion, defined as the total losses to those who lose, minus the total gains to those who gain
Import Quota an import quota is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time
Tariff a system of government-imposed duties levied on imported or exported goods
World Price the price that prevails in the world market
Internalizing an externality require the person/entity or group to repair the problem caused by their economic activity
Coase theorem the economic efficiency of an economic allocation or outcome in the presence of externalities
Transaction costs a cost incurred in making an economic exchange (restated: the cost of participating in a market)
Pigovian Tax a tax levied on a market activity that generates negative externalities. The tax is intended to correct the market outcome
Tragedy of the commons a dilemma arising from many individuals, acting independently, and solely and rationally consulting their own self-interest, will ultimately deplete a shared limited resource even when it is clear that it is not in anyone's long-term interest
Cost-benefit analysis analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs
Free rider those who consume more than their fair share of a public resource, or shoulder less than a fair share of the costs of its production
Common resource an environmental resource that is owned by many people in common or by no one
Public goods a good that is non-rivalrous and non-excludable, which can lead to the free rider problem
Private goods good exclusively owned that cannot be simultaneously used by others
Rivalry a good is considered either rival or nonrival. Rival goods are goods whose consumption by one consumer prevents simultaneous consumption by other consumers
Excludability a good or service is said to be excludable when it is possible to prevent people who have not paid for it from having access to it, and non-excludable when it is not possible to do so
Progressive tax tax collected at increasingly higher rates or percentages as income level increases
Regressive tax a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases
Proportional tax a proportional tax is a tax imposed so that the tax rate is fixed. The amount of the tax is in proportion to the amount subject to taxation
Horizontal equity families with similar financial circumstances should pay the same amount, regardless of how their assets, investments and income are defined
Vertical equity concept that people in different income groups should pay different rates of taxes or different percentages of their incomes as taxes
Ability to pay principle the principle that taxes should vary according to an individual's level of wealth or income
Benefits principle the idea that people should pay taxes based on the benefits they receive from government services
Lump-sum tax a tax that is a fixed amount no matter what the change in circumstance of the taxed entity
Marginal tax rate the percentage of tax paid on the next dollar earned
Average tax rate the total tax payment divided by total income. The proportion of total income paid in taxes
Budget deficit a situation that arises when expenses exceed revenues
Budget surplus the total amount of money in the budget that results when government income is greater than government spending within a given year
Constant returns to scale technological conditions under which the percentage change in a firm's output is equal to the percentage change in its use of inputs
Diseconomies of scale condition in which the costs of production increase faster than the volume of production
Economy of scale cost advantages that a business obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased
Efficient scale the quantity of output that minimizes average total cost
Marginal cost change in total cost that arises when the quantity produced changes by one unit. The cost of producing one more unit of a good
Average variable cost a firm's variable costs divided by the quantity (Q) of output produced. Variable costs are those costs which vary with output
Average fixed cost fixed costs of production (FC) divided by the quantity (Q) of output produced
Average total cost equal to total cost divided by the total quantity produced. It is equal to the sum of average variable costs (TV/Q) plus average fixed costs (TF/Q)
Variable cost costs which vary with output
Fixed cost Business expenses that are not dependent on the level of g&s produced they tend to be time-related, such as salaries or rents being paid per month
Diminishing marginal product The property whereby the marginal product of an input declines as the quantity of the input increases
Marginal product the extra output produced by one more unit of an input (for instance, the difference in output when a firm's labour is increased from five to six units)
Production function A function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs
Accounting profit The difference between price and the costs of bringing to market whatever it is that is accounted as an enterprise
Economic profit The difference between a firm's total revenue and its opportunity costs
Implicit costs Costs which do not involve a direct payment of money to a third party, but which nevertheless involve a sacrifice of some alternative
Explicit costs An easily accounted cost, such as wage, rent and materials (money)
Profit Obtain an advantage or benefit
Total cost The total economic cost of production, which includes fixed and variable cost of the level of production
Total revenue The total money received from the sale of any given quantity of output
Sunk cost Past costs that have already been incurred and cannot be recovered
Marginal revenue The extra revenue that an additional unit of product will bring
Average revenue Total revenue per unit of output
Revenue Income that a company receives from its normal business activities, usually from the sale of goods and services to customers
Monopoly A market in which there are many buyers but only one seller
Natural monopoly The largest supplier in an industry, often the first supplier in a market, has an overwhelming cost advantage over other actual and potential competitors
Price discrimination Exists when sales of identical goods or services are transacted at different prices from the same provider
Dominant strategy Occurs when one strategy is better than another strategy for one player, no matter how that player's opponents may play
Prisoner's dilemma A fundamental problem in game theory that demonstrates why two people might not cooperate even if it is in both their best interests to do so
Game Theory A theory of competition stated in terms of gains and losses among opposing players
Nash equilibrium A stable state of a system that involves several interacting participants in which no participant can gain by a change of strategy as long as all the other participants remain unchanged
Cartel A formal (explicit) agreement among competing firms. It is a formal organization of producers and manufacturers that agree to fix prices, marketing, and production
Collusion An agreement between two or more firms, usually illegal and secretive, to limit competition by deceiving or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair advantage
Monopolistic competition A form of imperfect competition where many competing producers sell products that are differentiated from one another
Oligopoly Market form in which a market or industry is dominated by a small number of sellers
Capital Assets available for use in the production of further assets.
Value of marginal product The marginal product of an input times the price of the output
Diminishing marginal product The property whereby the marginal product of an input declines as the quantity of the input increases
Marginal product of labor The change in output from hiring one additional unit of labor. It is the increase in output added by the last unit of labor
Comparable worth The principle that there should be no difference in remuneration between jobs held mostly by women and jobs held mostly by men, when the women's work is comparable in skill, effort, working conditions, and responsibility to the men's work
Discrimination Unfair treatment of a person or group on the basis of prejudice
Efficiency wages A hypothesis that argues that wages, at least in some markets, are determined by more than simply supply and demand
strike A refusal to work organised by a body of employees as a form of protest, typically in an attempt to gain a concession or concessions from their employer
union An organized association of workers formed to protect and further their rights and interests
Human capital The stock of competences, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value
Compensating differential term used in labor economics to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job
Negative income tax A progressive income tax system where people earning below a certain amount receive supplemental pay from the government instead of paying taxes to the government
Libertarianism Extreme laissez-faire political philosophy
Maximin criterion The claim that the government should aim to maximize the well-being of the worst-off person in society
Liberalism A political orientation that favours social progress by reform and by changing laws rather than by revolution
Utility a measure that is to be maximized in any situation involving choice
Permanent income The maximum amount that a household can consume per year into the indefinite future without reducing its wealth
Poverty line The minimum level of income deemed necessary to achieve an adequate standard of living in a given country
Poverty rate The percentage of the population whose family income falls below an absolute level called the poverty line
Giffen good Any inferior commodity much cheaper than its superior substitutes, consumed mostly by the poor households as an essential consumer good
Substitution effect The tendency of people to substitute in favour of cheaper commodities and away from more expensive commodities
Income effect The change in consumption resulting from a change in real income
Inferior good A good that decreases in demand when consumer income rises, unlike normal goods, for which the opposite is observed.
Normal good - Any goods for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand
Perfect complements A complementary good, in contrast to a substitute good, is a good with a negative cross elasticity of demand
Perfect substitutes A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand
Marginal rate of substitution The rate at which a consumer is ready to give up one good in exchange for another good while maintaining the same level of satisfaction
Indifference curve A graph showing different bundles of goods, each measured as to quantity, between which a consumer is indifferent
Budget constraint the combinations of goods and services that a consumer can purchase given current prices with his or her income
Aggregate spending (GDP) The sum of all spending from four sectors of the economy. GDP = C+I+G+Xn
Aggregate income The sum of all income earned by suppliers of resources in the economy. AI=GDP
Nominal GDP the value of current production at the current prices
Real GDP the value of current production, but using prices from a fixed point in time
Base year the year that serves as a reference point for constructing a price index and comparing real values over time
Price index a measure of the average level of prices in a market basket for a given year, when compared to the prices in a reference (or base) year
Market Basket a collection of goods and services used to represent what is consumed in the economy
GDP deflator the price index that measures the average price level of the goods and services that make up GDP
Real interest rate the cost of borrowing to fund an investment; the percentage increase in purchasing power that a borrower pays a lender
Expected inflation the inflation expected in a future time period. This expected inflation is added to the real interest rate to compensate for lost purchasing power
Nominal interest rate the percentage increase in money that the borrower pays the lender and is equal to the real rate plus the expected inflation
Contraction the period where real GDP is falling
Peak the top of a business cycle where an expansion has ended
Trough the bottom of the business cycle where a contraction has stopped
Consumer Price Index (CPI) the price index that measures the average price level of the items in the base year market basket. This is the main measure of consumer inflation
Nominal income today’s income measured in today’s dollars, not adjusted for inflation
real income today’s income measured in base year dollars
consumption function a linear relationship showing how increases in disposable income cause increases in consumption
Autonomous consumption the amount of consumption that occurs no matter the level of disposable income
Saving function a linear relationship showing how increases in disposable income cause increases in savings
Dissaving another way of saying that saving is less than zero
Autonomous saving the amount of saving that occurs no matter the level of disposable income
Marginal propensity to consume (MPC) the change in consumption caused by a change in disposable income, or the slope of the consumption function. MPC = ▲C/▲DI
Marginal propensity to save (MPS) the change in saving caused by a change in disposable income, or the slope of the saving function. MPS = ▲S/▲DI
Determinants of consumption and saving factors that shift the consumption and saving functions in the opposite direction are Wealth, Expectations, and Household Debt. The factors that change consumption and saving in the same direction are Taxes and Transfers
Expected real rate of return the rate of real profit the firm anticipates receiving on investment expenditures
Decision to invest a firm invests in projects so long as the real expected real rate of return is greater than the i
Investment demand the inverse relationship between the real interest rate and the cumulative dollars invested
Autonomous investment the level of investment determined by investment demand
Loanable funds market the market for dollars that are available to be borrowed for investment projects
Demand for LF the negative relationship between the real interest rate and the dollars invested by firms.
Private saving saving conducted by households and equal to the difference between disposable income and consumption
Public saving saving conducted by government and equal to the difference between tax revenue collected and spending on goods and services
Supply of LF the positive relationship between the dollars saved and the real interest rate
Fiscal policy deliberate changes in government spending and net tax collection to affect economic output, unemployment, and the price level
Expansionary fiscal policy increases in government spending or lower net taxes meant to shift the aggregate expenditure function upward and shift AD to the right
Contractionary fiscal policy decreases in government spending or higher net taxes meant to shift the aggregate expenditure function downward and shift AD to the left
sticky prices if price levels do not change, especially downward, with changes in AD, then prices are thought of as sticky or inflexible
Automatic stabilizers mechanisms built into the tax system that automatically regulate, or stabilize, the macroeconomy as it moves through the business cycle by changing net taxes collected by the government
Crowding out when the government borrows funds to cover a deficit, the interest rate increases and households and firms are pushed out of the market for loanable funds
Net export effect a rising interest rate increases foreign demand for U.S. dollars
Productivity the quantity of output that can be produced per worker in a given amount of time
non-renewable resource natural resources that cannot replenish themselves
renewable resource natural resources that can replenish themselves if they are not over-harvested
Investment tax credit a reduction in taxes for firms that invest in new capital like a factory or piece of equipment
Supply side fiscal policy fiscal policy centered on tax reductions targeted to AS so that GDPr increases with very little inflation.
Aggregate demand the inverse relationship between all spending on domestic output and the average price level of that output
Foreign sector substitution effect when the avg. price of U.S. output increases, consumers naturally begin to look for similar items produced elsewhere
Interest rate effect if the avg. price level rises, consumers and firms might need to borrow more money for spending and capital investment, which increases the interest rate and delays current consumption
Wealth effect as the avg. PL rises, the purchasing power of wealth and savings begins to fall
Determinants of AD Ad is a function of the four components of domestic spending (CIGXx) If any of these components increases or decreases, holding the others constant, AD shifts right or lef
Aggregate supply the positive relationship between the level of domestic output produced and the avg. price level of that output
Short-run a period of time during which the prices of goods and services are changing their respective markets, but the input prices have not yet adjusted to those changes in the product markets
Long-run a period of time long enough for input prices to have fully adjusted to market forces
Determinants of AS AS is a function of many factors that impact the production capacity of the nation
Macroeconomic equilibrium When AD=AS
Recessionary gap The amount by which full-employment GDP exceeds equilibrium GDP
Inflationary gap the amount by which equilibrium GDP exceeds full-employment GDP
Demand-pull inflation this inflation is the result of stronger C from all sectors of AD as it continues to increase in the upward sloping range of AS
Deflation a sustained falling PL, usually due to weakened AD and a constant AS
Recession in the AD and AS model, this is described as falling AD with a constant AS curve
closed economy a model that assumes there is no foreign sector (M and X)
aggregation the process of summing the microeconomic activity of households and firms into a more macroeconomic measure of economic activity
GDP the market value of the final goods and services produced within a nation in a given year
Final goods goods that are ready for their final use by consumers and firms
Intermediate goods goods that require further modification before they are ready for final use
Double counting when you include counting intermediate goods in GDP, which is WRONG
Second hand sales final goods and services that are resold
Non-market transactions household work or do-it-yourself jobs are missed by GDP accounting
Underground economy these include unreported illegal activity, bartering, or informal exchange of cash
Domestic price the equilibrium price of a good in a nation without trade
Balance of payments a summary of the payments received by the U.S. from foreign countries and the payments sent by the U.S. to foreign countries
Current account this account shows current import and export payments of both goods and services and investment income sent to foreign investors of U.S. and investment income received by U.S. citizens who invest abroad
Capital account this account shows the flow of investment on real or financial assets between a nation and foreigners
Official reserves account the Fed’s adjustment of a deficit or surplus in the current and capital account by the addition or subtraction of foreign currencies so that the balance of payments is zero
Exchange rate the price of one currency in terms of a second currency
Appreciating (depreciating) currency when the value of a currency is rising (falling) relative to another currency, it is said to be appreciating (depreciating)
Determinants of exchange rates external factors that increase the price of one currency relative to another
Revenue tariff an excise tax levied on goods not produced in the domestic market
protective tariff an excise tax levied on a good that is produced in the domestic market so that it may be protected from foreign competition
Import Quota a limitation on the amount of a good that can be imported into the domestic market
Asset Demand the amount of money demanded as an asset
Money demand the D for money is the sum of money demanded for transactions and money demanded as an asset
Theory of Liquidity preference Keynes’ theory that the i% adjusts to bring the money market into equilibrium
Fractional reserve banking a system in which only a fraction of the total money deposited in banks is held in reserve as currency
Reserve ratio the fraction of total deposits that must be kept on reserve
Required reserves the portion of a deposit that must be held at the bank for withdrawals
Excess reserves the portion of a deposit that may be borrow by customers
Balance sheet a tabular way to show the assets and liabilities of a bank
Asset of a bank anything owned by the bank or owed to the bank
Liability of a bank anything owned by depositors or lenders
Money multiplier this measures the maximum amount of new checking deposits that can be created by a single dollar of excess reserves
Expansionary monetary policy designed to fix a recession and increase AD, lower the U%, and increase GDPr
Contractionary monetary policy designed to avoid inflation by decreasing AD, which lowers the PL and GDPr
Open Market Operations a tool of monetary policy, it involves the Fed’s buying or selling of securities to or from commercial banks and the general public
Fed funds rate the i% paid on short terms loans made from one bank to another
Discount rate the i% commercial banks pay on short term loans from the Fed
Quantity Theory of money a theory that asserts that the Q of money determines the PL and that the growth rate of money determines the rate of inflation
Equation of exchange the equation says the GDP is equal to the Q of money multiplied by the number of times each dollar is spent in a year
Velocity of money the average number of times that a dollar is spent in a year. V is defined as PQ/M
Stock a certificate that represents a claim to, or share of, the ownership of a firm
Equity financing the firm’s method of raising funds for investment by issuing shares of stock to the public
Bonds a certificate of indebtedness from the issuer to the bond holder
Debt financing a firm’s way of raising investment funds by issuing bonds to the public
Fiat money paper and coin money used to make transactions because the government declares it to be legal tender
Functions of money medium of exchange, store of value and unit of account
Money supply the quantity of money in circulation as measured by the Fed Reserve asM1, M2 and M3
M1 the most liquid of money definitions and the basis for all other more broadly defined measures of money
Liquidity a measure of how easily an asset can be converted to cash
Transaction demand the amount of money held in order to make transactions
Disposable income the income a consumer has left over to spend or save once they have paid out their net taxes
Consumption and savings schedule tables that show the direct relationships between disposable income and consumption and saving
Absolute price the price of a good measured in units of currency
Relative price The number of units of any other good Y that must be sacrificed to acquire the first good X
Law of increasing costs the more of a good that is produced, the greater the opportunity cost of producing the next unit of that good
Productive efficiency production of maximum output for a given level of technology and resources. All points on the PPF are productively efficient
Allocative efficiency production of the combination of goods and services that provides the most net benefit to society
Free rider problem in the case of a public good, some members of the community know that they can consume the public good while others provide for it
Spillover costs additional to society, not captured by the market supply curve from the production of a good, result in a price that is too low and market quantity that is too high
Marginal benefit the additional benefit received from the consumption of the next unit of a good or service
Negative externalities exists when the production of a good imposes disutility (the spillover costs) upon third parties not directly involved in the consumption or production of this good
Positive externalities exists when the production of a good creates utility (the spillover benefits) for third parties not directly involved in the consumption or production of that good
Spillover benefits additional benefits to society, not captured by the market demand curve from the production of a good, resulting in a price that is too high and a market quantity that is too low
Egalitarian the philosophy that all citizens should receive an equal share of the economic resources
Marginal productivity theory the philosophy that a citizen should receive a share of economic resources proportional to the marginal revenue product of his or her own productivity
Tax bracket a range of income on which a given marginal tax rate is applied
Supply-side boom when the AS curve shifts outward and the AD curve stays constant, PL falls, GDPr increases and the unemployment rate falls
Stagflation a situation in the macroeconomy when inflation and the unemployment rate are both increasing
Supply shocks a supply shock is an economy-wide phenomenon that affects the costs of firms, and the position of the AS curve, either positively or negatively
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