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Study sets matching "economics mankiw chapter 23"

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Study sets matching "economics mankiw chapter 23"

25 terms
Mankiw Chapter 23 Review
Gross Domestic Product
Consumption
Investment
Government Purchases
The market value of all final goods and services produced wit…
Spending by households on goods and services, with the except…
Spending on capital equipment, inventories, and structures, i…
Spending on goods and services by local, state, and federal g…
Gross Domestic Product
The market value of all final goods and services produced wit…
Consumption
Spending by households on goods and services, with the except…
10 terms
Chapter 23 Mankiw- Vocab
Microeconomics
Macroeconomics
Gross Domestic Product (GDP)
Consumption
the study of how households and firms make decisions and how…
the study of economy-wide phenomena, including inflation, une…
the market value of all final goods and services produced wit…
spending by households on goods and services, with the except…
Microeconomics
the study of how households and firms make decisions and how…
Macroeconomics
the study of economy-wide phenomena, including inflation, une…
10 terms
Mankiw Chapter 23 Vocab
Microeconomics
Macroeconomics
Gross domestic product (GDP)
Consumption
the study of how households and firms make decisions and how…
the study of economy-wide phenomena, including inflation, une…
market value of all final goods and services produced within…
spending by households on goods and services, with the except…
Microeconomics
the study of how households and firms make decisions and how…
Macroeconomics
the study of economy-wide phenomena, including inflation, une…
34 terms
Chapter 23 Macroeconomics Mankiw
Microeconomics
Macroeconomics
Gross Domestic Product (GDP)
Circular-Flow Diagram
the study of how individual households and firms make decisio…
the study of the economy as a whole
measures total income of everyone in the economy. Also measur…
A simple depiction of the macroeconomy. Illustrates GDP as sp…
Microeconomics
the study of how individual households and firms make decisio…
Macroeconomics
the study of the economy as a whole
29 terms
chapter 23 mankiw/taylor
t/f: For an economy as a whole, income…
t/f: The production of an apple contri…
t/f: If a timber yard sells €1,000 of…
t/f: A country with a larger GDP per p…
T
F
F
T
t/f: For an economy as a whole, income…
T
t/f: The production of an apple contri…
F
17 terms
C211 Global Econ Mankiw Chapter 23
Gross Domestic Product (GDP)
"GDP is the market value..."
The Measurement of GDP
Components of GDP
- Measures the total income of everyone in the... economy... - Meas…
Market prices - reflect the value of the goods
All items produced in the economy... • And sold legally in mark…
• Y = C + I + G + NX... • Identity... • Y = GDP... • C = consumptio…
Gross Domestic Product (GDP)
- Measures the total income of everyone in the... economy... - Meas…
"GDP is the market value..."
Market prices - reflect the value of the goods
12 terms
Chapter 23 Economics Vocab
Alliance
Executive Agreement
Diplomatic Recognition
Diplomatic Corps
Agreement in which two or more countries commit to help eacho…
A mutual understanding between the president of the US and a…
A president may recognize (establish official relations with)…
Ambassadors and other representatives of a nation serving in…
Alliance
Agreement in which two or more countries commit to help eacho…
Executive Agreement
A mutual understanding between the president of the US and a…
26 terms
Civics&Economics: Chapter 23
private good
public good
externality
antitrust laws
a product/service that can be reused, it is nonexclusive, and…
a product/service that is exclusive, has barriers to some cus…
a side effect/consequence of an industrial or commercial acti…
1890 banned monopolies in America. The government regulates m…
private good
a product/service that can be reused, it is nonexclusive, and…
public good
a product/service that is exclusive, has barriers to some cus…
12 terms
Mankiw Principles of Economics Ch. 23
microeconomics
macroeconomics
gross domestic product (GDP) (Y)
consumption (C)
study of how households and firms make decisions and how they…
study of economy-wide phenomena, including inflation, unemplo…
market value of all final goods and services produced within…
spending by households on goods and services with the excepti…
microeconomics
study of how households and firms make decisions and how they…
macroeconomics
study of economy-wide phenomena, including inflation, unemplo…
6 terms
AP Economics Mankiw Chapter 5
Elasticity
Price Elasticity of Demand
Total Revenue
Income Elasticity of Demand
a measure of the responsiveness of quantity demanded or quant…
a measure of how much the quantity demanded of a good respond…
Amount paid by buyers and received by sellers of a good.... TR=…
a measure of how much the quantity demanded of a good respond…
Elasticity
a measure of the responsiveness of quantity demanded or quant…
Price Elasticity of Demand
a measure of how much the quantity demanded of a good respond…
10 terms
Mankiw Principles of Economics, 6th Edition Ch 23
Consumption
GDP deflator
Government Purchases
Gross Domestic Product
Spending by households on goods and services,with the expecta…
A measure of the price level calculated as the ratio of nomin…
spending on goods and services by local, state, and federal g…
The market value of all final goods and services produced wit…
Consumption
Spending by households on goods and services,with the expecta…
GDP deflator
A measure of the price level calculated as the ratio of nomin…
30 terms
Principles of Economics (Mankiw): Chapter 4
Market
Competitive Market
Quantity Demanded
Law of Demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to purc…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and many sellers so t…
62 terms
Mankiw, Principles of Economics - Chapter 7
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
20 terms
AP Economics Mankiw Chapter 4
competitive market
complements
demand curve
demand schedule
a market in which there are many buyers and many sellers so t…
two goods for which an increase in the price of one leads to…
a graph of the relationship between the price of a good and t…
a table that shows the relationship between the price of a go…
competitive market
a market in which there are many buyers and many sellers so t…
complements
two goods for which an increase in the price of one leads to…
16 terms
AP Economics Mankiw Chapter 1
business cycle
economics
efficiency
equality
fluctuations in economic activity, such as employment and pro…
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the property of distributing economic prosperity uniformly am…
business cycle
fluctuations in economic activity, such as employment and pro…
economics
the study of how society manages its scarce resources
30 terms
Principles of Economics (Mankiw): Chapter 4
Market
Competitive Market
Quantity Demanded
Law of Demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to purc…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and many sellers so t…
15 terms
Economics Chapter 23
Macroeconomic Equilibrium
Aggregate Expenditure model
Aggregate Expenditure
Planned and actual investment
When GDP is equal to Aggregate Expenditure (AE)
A macroeconomic model that focuses on the short-run relations…
C+ I+ G+ NX
Therefore, actual investment will equal planned investment on…
Macroeconomic Equilibrium
When GDP is equal to Aggregate Expenditure (AE)
Aggregate Expenditure model
A macroeconomic model that focuses on the short-run relations…
36 terms
Chapter 13-17 Mankiw Economics
total revenue
total cost
profit
explicit costs
the amount a firm receives for the sale of its output
the market value of the inputs a firm uses in production
total revenue minus total cost
input costs that require an outlay of money by the firm
total revenue
the amount a firm receives for the sale of its output
total cost
the market value of the inputs a firm uses in production
6 terms
AP Economics Mankiw Chapter 2
circular flow diagram
macroeconomics
microeconomics
normative statements
a visual model of the economy that shows how dollars flow thr…
the study of economy-wide phenomena, including inflation, une…
the study of how households and firms make decisions and how…
claims that attempt to prescribe how the world should be
circular flow diagram
a visual model of the economy that shows how dollars flow thr…
macroeconomics
the study of economy-wide phenomena, including inflation, une…
62 terms
Mankiw, Principles of Economics - Chapter 7
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
62 terms
Mankiw, Principles of Economics - Chapter 7
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
19 terms
Mankiw-Economics Terms Chapter 1
Scarcity
Economics
Efficiency
Equality
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the property of distributing economic prosperity uniformly am…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
29 terms
Principles of Economics Chapter 4-6 (Mankiw)
Market
Competitive Market
Quantity Demanded
Law of Demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to purc…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and many sellers so t…
56 terms
Mankiw 6th Edition Chapter 23: Measure of GDP
microeconomics
The study of macroeconomics
Microeconomics
Macroeconomics
The study of how households and firms make decisions and inte…
inflation, unnemployment, and economic growth
The study of how households and firms make decisions and inte…
the study of the economy as a whole
microeconomics
The study of how households and firms make decisions and inte…
The study of macroeconomics
inflation, unnemployment, and economic growth
12 terms
Economics Chapter 23 Vocabulary
Alliance
Executive Agreement
Diplomatic Recognition
Diplomatic Corps
An agreement in which two or more countries commit to help ea…
A mutual understanding between the president of the U.S. and…
The power of the president to decide whether to establish off…
The ambassadors and other representatives of a nation serving…
Alliance
An agreement in which two or more countries commit to help ea…
Executive Agreement
A mutual understanding between the president of the U.S. and…
62 terms
Mankiw, Principles of Economics - Chapter 11
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
36 terms
Chapter 13-17 Mankiw Economics
total revenue
total cost
profit
explicit costs
the amount a firm receives for the sale of its output
the market value of the inputs a firm uses in production
total revenue minus total cost
input costs that require an outlay of money by the firm
total revenue
the amount a firm receives for the sale of its output
total cost
the market value of the inputs a firm uses in production
62 terms
Mankiw, Principles of Economics - Chapter 11
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
62 terms
Mankiw, Principles of Economics - Chapter 11
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
30 terms
Principles of Economics (Mankiw): Chapter 4
Market
Competitive Market
Quantity Demanded
Law of Demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to purc…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and many sellers so t…
56 terms
Mankiw 6th Edition Chapter 23: Measure of GDP
microeconomics
The study of macroeconomics
Microeconomics
Macroeconomics
The study of how households and firms make decisions and inte…
inflation, unnemployment, and economic growth
The study of how households and firms make decisions and inte…
the study of the economy as a whole
microeconomics
The study of how households and firms make decisions and inte…
The study of macroeconomics
inflation, unnemployment, and economic growth
11 terms
AP Economics Mankiw Chapter 2
Scientific Method
Economic models
Circular-flow diagram
Factors of production
Objective development and testing of theories
Simplifications of reality based on assumptions
A diagram of the economy that shows the flow of goods and ser…
Inputs such as land, labor, and capital
Scientific Method
Objective development and testing of theories
Economic models
Simplifications of reality based on assumptions
17 terms
Civics and Economics - Chapter 23
Women, Infants, and Children (WIC)
Workfare
Progressive Income Tax
Earned Income Tax Credit (EITC)
A low income social welfare program that provides healthcare…
A work program that is used to describe social welfare progra…
An income tax which takes more or less based off of how much…
A program which gives qualified workers tax credits and cash…
Women, Infants, and Children (WIC)
A low income social welfare program that provides healthcare…
Workfare
A work program that is used to describe social welfare progra…
56 terms
Mankiw Economics Chapter 28: Unemployment
natural rate of unemployment
cyclical unemployment
cyclical unemployment is closely relat…
natural does not imply
amount of unemployment that the economy normally experiences;…
two-year fluctuations in unemployment around its natural rate…
short-run ups and downs
desirable or constant
natural rate of unemployment
amount of unemployment that the economy normally experiences;…
cyclical unemployment
two-year fluctuations in unemployment around its natural rate…
55 terms
Mankiw Economics Chapter 28: Unemployment
natural rate of unemployment
cyclical unemployment
cyclical unemployment is closely relat…
natural does not imply
amount of unemployment that the economy normally experiences;…
two-year fluctuations in unemployment around its natural rate…
short-run ups and downs
desirable or constant
natural rate of unemployment
amount of unemployment that the economy normally experiences;…
cyclical unemployment
two-year fluctuations in unemployment around its natural rate…
12 terms
Principles of Economics, Mankiw - Chapter 7
Welfare economics
Willingness to pay
Consumer surplus
Cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyer is willing to pay for a good minus the amo…
the value of everything a seller must give up to produce a good
Welfare economics
the study of how the allocation of resources affects economic…
Willingness to pay
the maximum amount that a buyer will pay for a good
8 terms
SS - Economics - Chapter 23
natural resources
human resources
capital goods
productive resources
- productive resources that come from nature, like trees, min…
- consists of the talents and skills of human beings that con…
- consists of human-made materials needed to produce goods an…
the resources used to make goods and services
natural resources
- productive resources that come from nature, like trees, min…
human resources
- consists of the talents and skills of human beings that con…
24 terms
Economics: Chapter 23
Employment
Unemployment
Labor force
Labor force participation rate
the number of people currently employed in the economy, eithe…
the number of people who are actively looking for work but ar…
equal to the sum of employment and unemployment.
the percentage of the population aged 16 or older that is in…
Employment
the number of people currently employed in the economy, eithe…
Unemployment
the number of people who are actively looking for work but ar…
14 terms
Principles of Economics Mankiw 5th Edition Ch 23 Vocab
Microeconomics
Macroeconomics
Gross Domestic Product (GDP)
GDP measures...
The study of how households and firms make decisions and how…
The study of economy-wide phenomena, including inflation, une…
The market value of all final goods and services produced wit…
Total income of everyone in the economy, and Total expenditur…
Microeconomics
The study of how households and firms make decisions and how…
Macroeconomics
The study of economy-wide phenomena, including inflation, une…
38 terms
Economics: Chapter 23 Study Guide
A: Peak... B: Expansion... C: Recession... D: T…
$23,850
private
consumer index price
Label the diagram as : Peak, Recession, Trough, and Expansion
a family of four is considered in poverty if his or her incom…
a life insurance policy is an example of a(n) ________ good.
a measure of change in price over time of a specific group of…
A: Peak... B: Expansion... C: Recession... D: T…
Label the diagram as : Peak, Recession, Trough, and Expansion
$23,850
a family of four is considered in poverty if his or her incom…
62 terms
Mankiw, Principles of Economics - Chapter 7
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
30 terms
Principles of Economics (Mankiw): Chapter 4
Market
Competitive Market
Quantity Demanded
Law of Demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to purc…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and many sellers so t…
15 terms
Econ Chapter 23- Economic Growth
Potential GDP
full employment
frictional unemployment
structural unemployment
value of GDP when there is full employment
a situation in which the quantity of labor demanded equals th…
unemployment due to the normal turnover of labor-- people ent…
unemployment arising from changes in technology and internati…
Potential GDP
value of GDP when there is full employment
full employment
a situation in which the quantity of labor demanded equals th…
23 terms
Chapter 13-17 Mankiw Economics
total revenue
total cost
economic profit
accounting profit
the amount a firm receives for the sale of its output
the market value of the inputs a firm uses in production
total revenue minus total cost, including both explicit and i…
total revenue minus total explicit cost
total revenue
the amount a firm receives for the sale of its output
total cost
the market value of the inputs a firm uses in production
35 terms
Economics: Mankiw Chapter 1-3
scarcity
choices
economics
difference between micro and macro eco…
the limited nature of society's resource
we can choose where to allocate our scarce resources
the study of how society manages its scarce resources
micro- study of the economy as an individual, group or compan…
scarcity
the limited nature of society's resource
choices
we can choose where to allocate our scarce resources
62 terms
Mankiw, Principles of Economics - Chapter 7
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
29 terms
Principles of Economics Chapter 4-6 (Mankiw)
Market
Competitive Market
Quantity Demanded
Law of Demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to purc…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and many sellers so t…
62 terms
Mankiw, Principles of Economics - Chapter 7
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyers is willing to pay for a good minus the am…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
Economics Chapter 23 and 23
externality
Natural Monopoly
Interest rate
Monopoly
The unintended side effect someone not involved in the action.
A market situation in which the cost of production are minimi…
the proportion of a loan that is charged as interest to the b…
A sole provider of a good or service
externality
The unintended side effect someone not involved in the action.
Natural Monopoly
A market situation in which the cost of production are minimi…
35 terms
Economics: Mankiw Chapter 1-3
scarcity
choices
economics
difference between micro and macro eco…
the limited nature of society's resource
we can choose where to allocate our scarce resources
the study of how society manages its scarce resources
micro- study of the economy as an individual, group or compan…
scarcity
the limited nature of society's resource
choices
we can choose where to allocate our scarce resources
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