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12 terms

CH 17 ECO 336

STUDY
PLAY
aggregate demand
the relationship between total quantity of goods and services demanded by all sectors of the economy and the price level
wealth effect
the effect of a change in wealth on consumption
interest rate effect
the effect of a change in the interest rate on consumption
international substitution effect
the effect of changes in the domestic price level on the consumption of domestically produced goods relative to foreign produced goods.
change in aggregate demand
a shift of the aggregate demand curve
aggregate supply
the relationship between total quantity of goods and services that an economy produces and the price level
change in aggregate supply
a shift of the aggregate supply curve
exchange rate shock
a large change in the real value of a country's currency that occurs in a short period of time
income elasticity of demand for exports
the responsiveness of exports to changes in foreign income
price elasticity of demand for exports
the responsiveness of exports to changes in the real exchange rate
income elasticity of demand for imports
the responsiveness of imports to changes in domestic income
price elasticity of demand for imports
the responsiveness of imports to changes in the real exchange rate