Part One
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Focus is on National and International Economics
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| show | focuses on individual businesses, product markets and consumers of certain goods/services
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| Gross Domestic Product (GDP) | show 🗑
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| Final Goods | show 🗑
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| show | products which go into the making of another final good
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| Not Counted by the GDP | show 🗑
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| show | Consumption (C) + Investment (I) + Government (Purchases) Spending on Goods and services (G) + Net Exports (Nx)
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| Income Model (National Income) | show 🗑
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| Real GDP | show 🗑
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| Nominal GDP | show 🗑
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| show | real GDP divided by population; best measurements of a nation's standard of living
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| The Underground Economy | show 🗑
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| show | the amount of real GDP that will be demanded at all possible price levels (calculated the same as expenditure GDP)
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| show | the amount of real GDP that will be produce at all possible price levels
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| show | a rise in the general level of prices; most often used measurement of inflation is the Consumer Price Index
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| Deflation | show 🗑
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| show | percentage of the civilian labor force that is not working
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| show | non-defense, 16 or older, either working full-time, or actively pursuing full-time work
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| show | refers to the long term ability of a country to produce goods and services
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| Business Cycle | show 🗑
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| show | period of real GDP growth (1st stage of business cycle)
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| show | point of maximum Real GDP growth (2nd stage)
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| show | 6 consecutive months of decline in Real GDP (3rd stage of business cycle)
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| show | point at which a recession bottoms out and begins to grow again (4th stage of business cycle)
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| Circular Flow of the Economy | show 🗑
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| show | where consumer goods are bought and sold
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| Factors Market | show 🗑
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| show | the businesses that produce/sell goods and services (they buy factors of production and sell consumer goods)
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| Households | show 🗑
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| show | savings and money that leaves the circular flow
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| show | investments and extra money that enters the circular flow from outside
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| show | the act of creating a product (creates the demand for that product)
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| show | when economies are in a recession, prices will begin to drop to the point where that increases aggregate demand and cure recession
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| Flexible Prices | show 🗑
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| Classical Economics | show 🗑
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| Price as Natural Stabilizer | show 🗑
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| show | believed that recessions were caused by a drop in consumer spending and business investment, lowering aggregate demand/GDP; government must respond to correct this problem by increasing aggregate demand
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| show | government programs that automatically put money into the hands of consumers (increases disposable income) during recessions and reduces disposable income to combat inflation
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| Examples of Automatic Stabilizers | show 🗑
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| Fiscal Policy | show 🗑
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| show | control interest rates by Central Banks/Federal Reserve Systems; lower interest rates to increase investment (I) with is business investment in new capital goods, inventory and new home purchases by households
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| show | products that are available for sale
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| Contractionary Policy | show 🗑
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| show | high rates of inflation and low GDP growth (high unemployment); caused by supply shocks
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| show | intended to boost business investment and consumer spending by injecting money into the economy either through direct government deficit spending or increased lending to businesses and consumers
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| show | additional tax paid on each additional dollar earned (lower marginal tax rates increases work and production due to lower cost for businesses)
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| show | vertical phase; prices will continue to rise but production does not increase (in the graphic it is labeled highly steep range)
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| show | horizontal phase; as an economy comes out of a recession real GDP can increase without a significant increase in prices
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| show | prices begin the rise as the economy expands; producers react to higher prices by producing more products (upward sloping)
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| show | as an economy expands wages will rise easily as prices rise and as prices rise so will wages
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| Sticky Wages | show 🗑
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| Supply Shocks | show 🗑
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| Supply-Side Economics (Reaganomics) | show 🗑
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| Phillips Curve | show 🗑
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| Laffer Curve | show 🗑
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| show | reducing or eliminating government regulation on businesses (lowers the cost of production and increases aggregate supply)
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| Long Run Aggregate Supply | show 🗑
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| show | a framework in which the central bank ensures that there is a large amount of excess reserves in the banking system; open market operation have limited effect on interest rates
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| Limited Reserves | show 🗑
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Created by:
rcooke
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