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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| show | the money value of all new/final goods and services produced in a country in a given year (most often used measurement of economic well-being)
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| show | products in their final form
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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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| Expenditure Model (also for Aggregate Demand) | show 🗑
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| Income Model (National Income) | show 🗑
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| show | GDP adjusted for inflation (percent increase in GDP - rate of inflation = real GDP)
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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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| Aggregate Supply | show 🗑
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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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| show | a decline in the general level of prices (price level); very bad for the economy while it sounds like a good idea)
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| show | percentage of the civilian labor force that is not working
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| Civilian Labor Force | show 🗑
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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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| Expansion | show 🗑
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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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| Product Market | show 🗑
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| Factors Market | show 🗑
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| Firms | show 🗑
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| Households | show 🗑
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| Leakages | show 🗑
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| Injections | show 🗑
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| Say's Law | show 🗑
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| Flexible Prices | show 🗑
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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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| Demand-Side Economics (Keynesian Economics) | show 🗑
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| Automatic Stabilizers | show 🗑
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| show | unemployment insurance (compensation), social welfare programs, graduated (progressive income tax)
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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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| show | used to reduce government spending or the rate of monetary expansion by a central bank to combat rising inflation (raising interest rates, increasing bank reserve requirements, and selling government securities)
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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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| Recession Phase | show 🗑
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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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| show | keynesian belief that as the economy expands (GDP rises) wages will go up only slowly and prices will rise faster than wages
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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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| show | vertical representation of the aggregate supply curve (aka full employment GDP or potential GDP)
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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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| show | changes in the money supply have a significant impact on interest rates and the overall economy
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Created by:
rcooke
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