Terms for the Exam on Wednesday Apr. 5th
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| Aggregate Demand | the total demand for final goods and services in an economy
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| Aggregate Production Function | the relationship between all the inputs used in the macroeconomy and the economy's total output
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| Aggregate Supply | the total supply of final goods and services in an economy
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| Classical Economics | economists who stress the importance of aggregate supply and generally believe that the economy can adjust back to full-employment equilibrium on its own
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| Convergence | the idea that per capita GDPs across the nations equalize as nations approach the steady state.
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| Depreciation | a fall in the value of a resource over time
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| Diminishing Marginal Product | phenomenon occurring when the marginal product of an input falls as the quantity of the input rises
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| Great Depression | the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939
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| Great Recession | the U.S. recession that lasted from December 2007 to June 2009
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| Human Capital | the resource represented by the quantity, knowledge, and skills of the workers in an economy
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| Innovation | a new idea, method, or device / the introduction of something new
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| Institutions | a significant practice, relationship, or organization in a society; the official and unofficial conditions that shape the environment in which decisions are made
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| Keynesian Economics | economists who stress the importance of aggregate demand and generally believe that the economy needs help returning to full-employment equilibrium
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| Marginal Product | the change in output divided by the change in input
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| Natural Resources | the inputs used to produce goods and services; also called factors of production
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| Net Investment | investment minus depreciation
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| Physical Capital | consists of tangible, human-made objects that a company buys or invests in and uses to produce goods.
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| Private Property Rights | the rights of individuals to own property, to use it in production, and to own the resulting output
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| Recession | a short-term economic downturn
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| Rule of 70 | rule stating that if the annual growth rate of a variable is x%, the size of that variable doubles approximately every 70/ x years
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| Steady State | the condition of macroeconomy when there is no new net investment
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| Technology | the knowledge available for use in production
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| Unemployment Rate | condition occurring when a worker who is not currently employed is searching a job without success
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