Term
| consume more of something when marginal |
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Definition
| benefit exceeds marginal cost |
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Term
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Definition
| make optimal choices under scarcity |
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Term
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Definition
| marginal benefit vs marginal cost |
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Term
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Definition
| a number of relevant variables are assumed to be constant |
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Term
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Definition
| need to make choices; wants exceed needs |
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Term
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Definition
rise/run
P of Dependant over P of Independant |
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Term
| Capital Goods Increase... |
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Definition
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Term
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Definition
| is a institution that brings together buyers and sellers |
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Term
| personal distribution of income |
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Definition
| refers to the way income is distributed among specific households |
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Term
| functional distribution of income |
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Definition
| to basic resource classes, that is, wages, rents, interest, profits |
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Term
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Definition
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Term
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Definition
| do not facilitate world trade |
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Term
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Definition
| occurs when a nation when it imports more than it exports |
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Term
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Definition
| A good should be produced in that nation where its domestic opportunity cost is least |
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Term
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Definition
| is the national income and product accounts, design and implement policies to improve economy's health |
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Term
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Definition
| is the monetary value of all final goods and services produced within the borders of a nation in a year |
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Term
| If depreciation exceeds gross investment |
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Definition
| the economy's stock of capital is shrinking |
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Term
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Definition
C + I + G + X
Personal Consumption Expense
+
Gross Private Domestic Investment
+
Government Purchases
+
US. Exports minus Imports |
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Term
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Definition
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Term
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Definition
| NI = NDP + Net Foreign Factor |
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Term
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Definition
PI =
NDP
- Social Security
- Corporate Income Tax
- Undistributed Corp Taxes
+ Transfer Payments |
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Term
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Definition
| refers to GDP data that have been adjusted for changes in the price level |
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Term
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Definition
| Real GDP = GDP / (Price Index/100) |
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Term
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Definition
Years for GDP to x2 / 70
divide by 73 for better accuracy |
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Term
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Definition
| TO = worker hours * labor productivity |
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Term
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Definition
| occur irregularly and unexpectedly |
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Term
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Definition
| occurs during a recession |
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Term
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Definition
| Switch from one job position to another |
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Term
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Definition
| involving a mismatch of the skills of unemployed workers vs skills market needs |
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Term
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Definition
| Additional Disposable Income X MPS |
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Term
| Expansionary Fiscal Policy |
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Definition
| is designed to expand real GDP |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| Currency, checkable deposits |
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Term
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Definition
Currency
Small <100k time deposits
stock certificates
MM deposits
MMM fund balances by individuals |
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Term
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Definition
| controls the money supply |
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Term
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Definition
| controls the money supply |
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Term
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Definition
| the SEVEN member board of governors along with the president of the NYFRSB and four other FRB presidents |
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Term
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Definition
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Term
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Definition
| RRR = Checkable Deposits / RR |
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Term
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Definition
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Term
| Max Expanded Money Supply |
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Definition
| D = multiplier * Excess Reserves |
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