Macroeconomics

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Control-Continu

acier tube

steel pipe

PIB Reel (2 other synonyms)

PIB en Volume
PIB à prix constants

PIB Reel (definition+formula)

il corrige le PIB nominal des variations de prix et correspond à une évaluation à prix constants
en anglais: inflation-corrected, so more accurate and usually lower than the nominal GDP
(PIB nominal/déflateur de PIB)x100 = PIB réel

Economie (2 key things)

utilisent ressources rares pour produire des biens
use rare resources to produce goods
1. rareté 2. efficacité
1. scarcity 2. efficiency

rareté

scarcity

opposite of bien libre

bien economique

arbitrage

trade-off

FPP shows____

trade-offs

Exemples des FPP en inefficacité (3 things)

chomage eleve, cycle d'activite (recession, expansion)
high unemployement, recession, economic boom

shift of FPP to the right due to (2 things)

more resources
better technology

bien d'equipement (english+definition)

capital goods such as buildings, equipment and machinery (used to make other goods such as consumer goods)

bien de consommation (english)

consumer goods

renoncer (english)

give up

Three basic questions an economy must ask

how, what, and for whom do we produce for?
allocation of resources and distribution of resources

2 types of economies

dirgee and marche et mixtes

What determines the demand of a good (other than price)?

income, size of market, substitutes, complementary goods, tastes and preferences

Shift in Demand is shown when the demand curve___. in french it's

shifts. It means that the demand was affected by something other than the price!
french-modification

Change in the quantity demanded is shown based on___

different points along the same demand curve. which means it was affected by the price.
french-variation

Modification positive de la demande means that:

at the same price, there is more demand (b/c the change was not affected by the price, but by something else)

Elasticity Equation

percentage change in the Quantity demanded/
percentage change in the price

It is elastic when its ______. (describe shape)

More than 1. perfect- horizontal

It is inelastic when it's ____. (describe shape)

Less than 1. perfect- vertical

What is supply largely dependent on?

cost of production

l'offre

supply

concurrentiel

competitive

DG-OG

aggregate demand-aggregate supply

PIB=

VA
GDP=VA

Methode du produit (goods) = VA =

VA = CA-Consommation Intermediares
Added Value or GDP = Gross output -Intermediate consumption (by businesses to create goods such as raw materials)

Methode des couts des facteurs (factors)= VA

VA = Salaires + profits + rentes

PIB vs PNB

PNB-based on ownership
PIB- based on location

taux de croissance of PIB

PIBt-PIBt-1/
PIBt-1

IPC

CPI -consumer price index

deflateur du PIB

takes into the account the change in price due to household consumption but also investments of businesses

IPP

Instut Public Peformance
depends on amount of sales

gros

wholesale

Calcul taux d'inflation

PIB=PNB-taux d'inflation

Composantes de DG: C, I, G, X

C-consommation des menages
I- investissement des entreprises
G-depenses publiques
X-exportations nettes

Y

revenue disponible

Fonction de consommation C

tells Consumer spending(expenditure)
Y=W-T
disposible income =income after taxes and transfer payments(benefits)

revenue disponible

disposable income

RICH

richesse ou patrimoine des mengages en termes reels (actifs moins dettes)

CONF

facteurs psychologiques comme la Confiance et les antcipations economiques des consommateurs

r

taux d'interet reel (cout de financement des achats de biens durables) ---cost of financing the purchase of durable goods

Consommation Keynesienne

C=a Y+B
0<a<1: propension marginal à consommer
(marginal inclination to consume)
b>0: consommation incompressable ou autonome

a= Change in C/change in Y
C/Y est la propension moyenne à consommer
consumption/disposable income
this is how much will be spent for each additional amt of income

consommation autonome

when income is 0, then consumption is dissaving (debt)

consommation incompressable

consumption unaffected by amount of income

Investment represents ____% of the PIB in the country.

10%

Investment has a double role in the economy:

influence DG in the short term (aggregate demand)
and influence OG in the long term by moving FPP (aggregate supply)

Investment is an important element in changing the economy in the _____term.

short term

I=f (BENR, r, CLAFF)

BENR+: benefices reels futurs anticipes des societes, avant impots
expected profit, before taxes
r-: taux d'interest reel comme indicateur du cout du capital
real interest rate like the indicator of the cost of capital
CLAFF+: climat des affaires basé sur l'evaluation et les antcipations des gestionnaires (recession, reprise durable)

Depenses Publiques

Government spending

3 functions of the government

1. increase efficiency or function of govt assistance/subsidies
(encourage competition, supply public goods, struggle against external effects)
2. promote equal distribution of wealth
3. promote economic stability at the short term and long term

Exportation nettes = X

X= f (Y, Ye, E, Pi, Pe)
Y=domestic income
Ye-income of the rest of the world
E-exchange rate
Pi-domestic prices
Pe-prices abroad

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