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Study sets matching "national economy macroeconomics"

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Study sets matching "national economy macroeconomics"

16 terms
Macroeconomics (Aggregate demand and national economy)
Aggregate Demand
Withdrawals
Injections
A rise in AD means:
AD = C + I + G + X - M... AD = C + J
W = S + T + M
J = I + G + X
- bigger economics growth (J > W)... - less unemployment... - Infla…
Aggregate Demand
AD = C + I + G + X - M... AD = C + J
Withdrawals
W = S + T + M
42 terms
Chapter 13 - Macroeconomics: The Nation's Economy
national income accounting
gross domestic product (GDP)
GDP calculation
net domestic product (NDP)
Measurement of the national economy's performance, dealing wi…
The total dollar value of all final goods and services produc…
C + I + G + NX... C = Consumer goods - goods and services bought…
GDP minus depreciation
national income accounting
Measurement of the national economy's performance, dealing wi…
gross domestic product (GDP)
The total dollar value of all final goods and services produc…
28 terms
Topic 2 Macroeconomics: Introduction to the National Economy
Economy
Circular flow of income
Injection
Leakages
the principal of taxation which requires a tax to be cheap to…
A model which shows the flow of output, income and expenditur…
Spending which is not generated by households and increases t…
Income which is not passed on in the form of consumption and…
Economy
the principal of taxation which requires a tax to be cheap to…
Circular flow of income
A model which shows the flow of output, income and expenditur…
48 terms
AQA A2 Macroeconomics: Unit 7 The national and international economy
Full employment
Economic growth
Aggregate demand
Aggregate supply
occurs when the number of people wishing to work equals the n…
the rate of increase in the potential output of an economy
total planned spending on the goods and services produced wit…
the aggregate level of real output that all the firms in the…
Full employment
occurs when the number of people wishing to work equals the n…
Economic growth
the rate of increase in the potential output of an economy
24 terms
Economy Macroeconomics
Name the 5 main macroeconomic goals.
Name the factors of production.
Explain the circular flow of income, o…
How is National income measured? Name…
Low unemployment.... Low and stable rate of inflation.... Favourabl…
Labour... Land... Capital... Entrepreneurship
National income, output, and expenditure are generated by the…
Output Method (production) : Measure the actual value of good…
Name the 5 main macroeconomic goals.
Low unemployment.... Low and stable rate of inflation.... Favourabl…
Name the factors of production.
Labour... Land... Capital... Entrepreneurship
10 terms
Macroeconomics: Measuring a Nation's Economy/Chapter 10
GDP
Describe the circular flow diagram (st…
GDP equation
Why does GDP rise?
A nation's total income or total expenditure. It is the marke…
-Firms produce the goods and services and provide them to the…
Y = C + I + G + NX... *C excludes purchases of homes... *G exclude…
Due to either and increase in output or a rise in prices
GDP
A nation's total income or total expenditure. It is the marke…
Describe the circular flow diagram (st…
-Firms produce the goods and services and provide them to the…
11 terms
National economy
Aggregate demand
Aggregate supply
Rate of economic growth
Rate of inflation
The total level of spending in the ecoomy
The total level of production
The percentage increase in the national output, normally expr…
The percentage increase in prices over a 12 month period (CPI)
Aggregate demand
The total level of spending in the ecoomy
Aggregate supply
The total level of production
26 terms
The National Economy
Unemployment
Inflation
Deflation
Interest Rate
The number or proportion of unemployed people.
A general increase in prices and fall in the purchasing value…
Reduction of the general level of prices in an economy
The proportion of a loan that is charged as interest to the b…
Unemployment
The number or proportion of unemployed people.
Inflation
A general increase in prices and fall in the purchasing value…
28 terms
National Economy
poziom rozwoju gospodarczego
produkt krajowy brutto
wskaźnik procentowy
kondycja gospodarki
the level of economic growth/development
gross domestic product
percentage value
economic performance
poziom rozwoju gospodarczego
the level of economic growth/development
produkt krajowy brutto
gross domestic product
35 terms
National Economy
taxes
limit to power of a tax
why taxes?
tax base
the one thing people must pay, 16th amendment
purpose must be for common defense or general warfare, federa…
American people raise money so that the government has income…
anything that can be taxed
taxes
the one thing people must pay, 16th amendment
limit to power of a tax
purpose must be for common defense or general warfare, federa…
34 terms
national economy
Balance of payments
Balance of trade
Boom
Business cycle
maksājumu bilance
tirdzniecības bilance
straujš uzplaukums
ekonomiskais cikls
Balance of payments
maksājumu bilance
Balance of trade
tirdzniecības bilance
Macroeconomics: Tracking the Economy
Inflation
Deflation
Creeping Inflation
Galloping Inflation
rise in the general level of prices
a decrease in the general price level
inflation in the range of 1 to 3 percent a year
inflation of 100 to 300 percent a year
Inflation
rise in the general level of prices
Deflation
a decrease in the general price level
25 terms
Open Economy Macroeconomics
Balance of Payment Accounts
Current Account
Financial (Capital) Account
Credit
Current Account ... Financial Account ... The Balance *must cancel…
Trade of Physical Goods... Merchandise Trade Balance: Goods... Se…
Trade of financial assets ... Private Borrowing or Lending... Gov…
Money enters the country
Balance of Payment Accounts
Current Account ... Financial Account ... The Balance *must cancel…
Current Account
Trade of Physical Goods... Merchandise Trade Balance: Goods... Se…
12 terms
The National Economy
Unemployment
Inflation
Deflation
Interest Rate
The number or proportion of unemployed people.
A general increase in prices and fall in the purchasing value…
Reduction of the general level of prices in an economy
The proportion of a loan that is charged as interest to the b…
Unemployment
The number or proportion of unemployed people.
Inflation
A general increase in prices and fall in the purchasing value…
19 terms
national economy
economic events
commercial business
percentage value
economic performance
wydarzenia gospodarcze
transakcje handlowe
wskaźnik procentowy
kondycja gospodarki
economic events
wydarzenia gospodarcze
commercial business
transakcje handlowe
93 terms
National Economy
wydarzenia gospodarcze
transakcje kupna i sprzedaży
działalność produkcyjna i usługowa
działania gospodarcze władzz* państwa
economic events
purchase and sell transactions
production and service activity
activities of state authorities
wydarzenia gospodarcze
economic events
transakcje kupna i sprzedaży
purchase and sell transactions
8 terms
National Economy
Market Economy
Command Economy
Mixed Economy
Inflation
consumers and businesses decide what they want to produce and…
the government largely determines what is produced and in wha…
market forces and government decisions determine which goods…
a sustained increase in the general level of prices for goods…
Market Economy
consumers and businesses decide what they want to produce and…
Command Economy
the government largely determines what is produced and in wha…
90 terms
National economy
wydarzenia gospodarcze
transakcja kupna i sprzedaży
działalność produkcyjna i usługowa
działania gospodarcze
economic events
purchase and sale transaction
production and service activity
economic activities
wydarzenia gospodarcze
economic events
transakcja kupna i sprzedaży
purchase and sale transaction
40 terms
The National Economy
Macro Economics
Micro Economics
Unemployment
Economically Active
Study of behaviour of an economy as a whole
Study of behaviour of parts of the economy
The number of people of working age who are seeking work yet…
Those either looking for work or in work
Macro Economics
Study of behaviour of an economy as a whole
Micro Economics
Study of behaviour of parts of the economy
National Economy
What is growth?
What causes SR growth?
What causes LR growth?
How do SR & LR growth contrast in term…
An increase in the productive capacity of a country, measured…
Increases in AD or SRAS
Increase in LRAS, leading to increases in productive potential
SR growth is shown by GDP growth (%), LR growth is shown by a…
What is growth?
An increase in the productive capacity of a country, measured…
What causes SR growth?
Increases in AD or SRAS
12 terms
national economy
industrial revolution
cotton gin
factory girls
McCormick reaper
increased volume and variety of manufactured goods and an imp…
Eli Whitney... reduced the amount of time it took to separate c…
women less pay for same work; unmarried women only for money…
horse-drawn farm tool to cut small grain crops... Cyrus McCormick
industrial revolution
increased volume and variety of manufactured goods and an imp…
cotton gin
Eli Whitney... reduced the amount of time it took to separate c…
88 terms
The National Economy
The invisible hand of the marketplace…
Adam Smith wrote his economic theories…
Explain Adam Smith's ideas about what…
Describe the four elements that market…
D.... provides the goods and services consumers want at reasonab…
B.... The Wealth of Nations
Adam Smith believed that the government's responsibility shou…
The four elements that markets need for success are specializ…
The invisible hand of the marketplace…
D.... provides the goods and services consumers want at reasonab…
Adam Smith wrote his economic theories…
B.... The Wealth of Nations
19 terms
National Economy
Economic Growth
Why does Short run growth occur?
What causes long run growth?
How do you show long run growth?
An increase in the productive potential of an economy
Increases in AD or SRAS
Increase in the capacity of the economy, i.e rise in the qual…
Increase in the trend rate growth.
Economic Growth
An increase in the productive potential of an economy
Why does Short run growth occur?
Increases in AD or SRAS
20 terms
Macroeconomics - Open Economy
trade balance (net exports)
net foreign investment (net capital ou…
foreign direct investment
foreign portfolio investment
spending on domestically produced goods by foreigners (export…
the purchase of foreign assets by domestic residents minus th…
Investment made by a company in the economy of another countr…
passive investment ie investment in a foreign company
trade balance (net exports)
spending on domestically produced goods by foreigners (export…
net foreign investment (net capital ou…
the purchase of foreign assets by domestic residents minus th…
22 terms
Macroeconomics- Facts of the world economy
President of European Central Bank
Head of Federal Reserve
What is NOT a problem in measuring out…
How to measure economic growth
Mario Draghi
Janet Yellen
expanding economy
seventy divided by GDP growth
President of European Central Bank
Mario Draghi
Head of Federal Reserve
Janet Yellen
40 terms
The National Economy
Money
Commodity Money
Fractional Reserve Banking
GDP
Anything that serves as a medium of exchange, a unit of accou…
Objects that have value in and of themselves and that are als…
A banking system that keeps only a fraction of funds on hand…
The dollar value of all final goods and services produced wit…
Money
Anything that serves as a medium of exchange, a unit of accou…
Commodity Money
Objects that have value in and of themselves and that are als…
37 terms
Open Economy Macroeconomics
Exchange Rate
Foreign exchange market
Nominal Exchange Rate
A currency is said to appreciate if
The price of one currency in terms of another
The financial market where exchange rates are determined
Rate at which a person can trade the currency of one country…
You can buy more foreign currency than you previously could
Exchange Rate
The price of one currency in terms of another
Foreign exchange market
The financial market where exchange rates are determined
58 terms
Macroeconomics: Tracking the Economy
Gross domestic product
Implicit GDP Price Deflator
Current GDP
Real GDP
Dollar value of a ll final goods, services, and structures pr…
Index used to measure price changes in gross domestic product
Gross domestic product measured in current prices, unadjusted…
GDP after adjustments for inflation
Gross domestic product
Dollar value of a ll final goods, services, and structures pr…
Implicit GDP Price Deflator
Index used to measure price changes in gross domestic product
22 terms
Open-Economy Macroeconomics
balance of payments accounts
balance of payments on current account…
balance of payments on goods and servi…
merchandise trade balance (trade balan…
a summary of a country's transactions with other countries
a country's balance of payments on goods and services plus ne…
the difference between a country's exports and imports during…
the difference between a country's exports and imports of goods
balance of payments accounts
a summary of a country's transactions with other countries
balance of payments on current account…
a country's balance of payments on goods and services plus ne…
Open Economy Macroeconomics
Trade Balance
Trade surplus:
Trade deficit
Balanced trade
the value of a nation's exports minus the value of its import…
Exports exceed imports.
Imports exceed exports.
Exports equal imports
Trade Balance
the value of a nation's exports minus the value of its import…
Trade surplus:
Exports exceed imports.
173 terms
National and International Economy
how do you measure macroeconomic growth
how can the rate of economic growth be…
what is output
two ways we measure output
the rate of economic growth, the rate of inflation, the level…
by the change in national output over a period of time
all the goods and services produced by a country
volume (adding up quantity of good/services made in a year) o…
how do you measure macroeconomic growth
the rate of economic growth, the rate of inflation, the level…
how can the rate of economic growth be…
by the change in national output over a period of time
25 terms
The Macroeconomics of Open Economies
exports
imports
net exports / trade balance
trade surplus
goods and services produced domestically and sold abroad
goods and services produced abroad and sold domestically
the value of a nation's exports mine the value of its imports
an excess of exports over imports... NX > 0... NCO > 0
exports
goods and services produced domestically and sold abroad
imports
goods and services produced abroad and sold domestically
14 terms
Open-Economy Macroeconomics
Exports
Imports
Net exports
Trade surplus
Goods and services that are producrd domestically and sold ab…
G&S that are produced abroad and sold domestically
Value of a nations exports minus the value of its imports; al…
An excess of exports over imports
Exports
Goods and services that are producrd domestically and sold ab…
Imports
G&S that are produced abroad and sold domestically
94 terms
Macroeconomics in the Global Economy
Buckaroos
Economic goals
Income inequality
Macroeconomics
Hoarding, souvenirs, losing, only medium through which commun…
Full employment: lowest unemployment rate possible before lab…
Pro: wealthy spend and invest, "trickle down", motivator.... Aga…
Study of aggregate outcomes of economic behaviour; output, in…
Buckaroos
Hoarding, souvenirs, losing, only medium through which commun…
Economic goals
Full employment: lowest unemployment rate possible before lab…
79 terms
Chapter 14 forging the National Economy
Chapter 14 Forging a National Economy
Chapter 14: Thematic Overview - Object…
The over-arching theme of chapter 14 i…
The factory system was in its infancy,…
Chapter 14 Forging a National Economy
Chapter 14: Thematic Overview - Objectives
The over-arching theme of chapter 14 is that American began t…
The factory system was in its infancy, led by Eli Whitney's "…
Chapter 14 Forging a National Economy
Chapter 14 Forging a National Economy
Chapter 14: Thematic Overview - Object…
Chapter 14: Thematic Overview - Objectives
22 terms
The nations economy
3 needs
3 wants
Scarcity
Successful companies produce products…
Water, food, shelter
iPod, video games, tv
Amount of resource is limited
High demand
3 needs
Water, food, shelter
3 wants
iPod, video games, tv
14 terms
Macroeconomics in an Open Economy
open economy
closed economy
balance of payments
current account
an economy that has interactions in trade or finance with oth…
an economy that has no interactions in trade or finance with…
the record of a country's trade with other countries in goods…
the part of the balance of payments that records a country's…
open economy
an economy that has interactions in trade or finance with oth…
closed economy
an economy that has no interactions in trade or finance with…
14 terms
Macroeconomics in an open economy
open economy
closed economy
balance of payments (BoP):
current account:
A country that has interactions in trade or finance with othe…
which has no interactions in trade or finance with other coun…
the record of a country's trade with other countries in goods…
the record of the country's net exports, net income on invest…
open economy
A country that has interactions in trade or finance with othe…
closed economy
which has no interactions in trade or finance with other coun…
24 terms
Macroeconomics in an open economy
open economy
closed economy
balance of payments
current account
country that has interactions in trade or finance with other…
no interactions in trade or finance with other countries.
record of a country's trade with other countries in goods, se…
the record of the... country's net exports,... net income on invest…
open economy
country that has interactions in trade or finance with other…
closed economy
no interactions in trade or finance with other countries.
28 terms
Open Economy Macroeconomics
Balance of payment accounts
Graphically represent the balance of p…
Current account
Financial account
Give us a summary of all the transactions with folks in other…
Pg. 3 Open Economy Macroeconomics
Summarizes net value of all goods, services, factor income, a…
Tracks all financial flows into and out of country => gov't s…
Balance of payment accounts
Give us a summary of all the transactions with folks in other…
Graphically represent the balance of p…
Pg. 3 Open Economy Macroeconomics
29 terms
Economy&Society: Macroeconomics
Macroeconomics
GDP
Output
Expenditure
the study of the performance of national economies and the po…
Gross Domestic Product=labor income+capital income
the market value of all final goods and services produced wit…
The sum of all Consumption spending (C), Investment Spending…
Macroeconomics
the study of the performance of national economies and the po…
GDP
Gross Domestic Product=labor income+capital income
Open Economy Macroeconomics
Balance of Payment
Differences in Demand
Differences in Supply
Fixed Exchange Rates
Just like the national accounts, but they serve to give us a…
Reflect differences in investment opportunities
Mostly a matter of domestic savings
Government actively manages the money supply to ensure that a…
Balance of Payment
Just like the national accounts, but they serve to give us a…
Differences in Demand
Reflect differences in investment opportunities
Open Economy Macroeconomics
closed economy
open economy
exports
imports
an economy that does not interact with other economies in the…
an economy that interacts freely with other economies around…
goods and services that are produced domestically and sold ab…
goods and services that are produced abroad and sold domestic…
closed economy
an economy that does not interact with other economies in the…
open economy
an economy that interacts freely with other economies around…
32 terms
Open-Economy Macroeconomics
Closed economy:
Open economy:
Exports
Imports
Economy that does not interact with other economies in the wo…
Economy that interacts freely with other economies around the…
Goods and services produced domestically and sold abroad.
Goods and services produced abroad and sold domestically.
Closed economy:
Economy that does not interact with other economies in the wo…
Open economy:
Economy that interacts freely with other economies around the…
14 terms
Macroeconomics: Financial Markets and the Economy
Demand Curve for Money
Demand for Money
Face Value of a Bond
Financial Market
Curve that shows the quantity of money demanded at each inter…
The relationship between the quantity of money people want to…
The amount the issuer of bond will have to pay on the maturit…
Markets in which funds accumulated by one group are made avai…
Demand Curve for Money
Curve that shows the quantity of money demanded at each inter…
Demand for Money
The relationship between the quantity of money people want to…
22 terms
Open Economy Macroeconomics II
Open Economy Keynesian Model IS Curve
LM Curve
Mundell-Fleming model
Derive IS*
Y = C + I + G + (X - M)
M/P = f(i, Y)
assumes a small open country with capital mobility
NER increases, PE goes down, GDP goes down
Open Economy Keynesian Model IS Curve
Y = C + I + G + (X - M)
LM Curve
M/P = f(i, Y)
10 terms
Macroeconomics: The US economy
Gross domestic product (GDP)
standard of living
Per capita GDP
Economic growth
total market value of all final goods and services produced w…
divide GDP by population
GDP divided by population
increase in output; expansion of production possibilities
Gross domestic product (GDP)
total market value of all final goods and services produced w…
standard of living
divide GDP by population
5 terms
Chapter 31: Open-Economy Macroeconomics
Trade Deficit
Trade Surplus
Balanced Trade
Real Exchange Rate
Exports < Imports... Net Exports < 0... Y < C+I+G... Saving < Investme…
...
...
Nominal*Domestic/Foreign
Trade Deficit
Exports < Imports... Net Exports < 0... Y < C+I+G... Saving < Investme…
Trade Surplus
...
83 terms
Macroeconomics - Theory and Policy in Closed Economy
What is IS-PC-MR used for?
Relation to prelims models
Classical Model
Labour Supply under imperfect competit…
Examine how GDP, infation etc. evolve in short-run, i.e. when…
Predictions from theory depend critically assumptions about f…
Y = f(A,K,E)... K fixed over time horizon considered... MPL defin…
Trade unions have degree of monopoly power.... Size of real wag…
What is IS-PC-MR used for?
Examine how GDP, infation etc. evolve in short-run, i.e. when…
Relation to prelims models
Predictions from theory depend critically assumptions about f…
55 terms
Macroeconomics The Global Economy
What is the worlds rising population a…
What does the International Monetary F…
how many countries are in the advanced…
list examples of countries part of the…
6.8 billion and 175
advanced economies, and emerging market and developing econom…
29
U.S, Japan, Italy, Germany, France, U.K, Canada, Hong Kong, S…
What is the worlds rising population a…
6.8 billion and 175
What does the International Monetary F…
advanced economies, and emerging market and developing econom…
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