AP Macroe
conomics: Review Terms
I. Basic Economic Concepts
----------
macroeconomics
microeconomics
scarcity
tradeoffs/opportunity cost
aggregate
ceteris paribus
independent variable
dependent variable
utility
marginal utility
land,
labor, capital, entrepreneurship
full employment
allocative efficiency
capital goods
consumer goods
production possibilities curve/frontier
law of increasing opportunity costs
circular flow model
resource market
product market
comparati
ve advantage of trade
absolute advantage of trade
law of demand
law of supply
demand versus quantity demanded
diminishing marginal utility
supply versus quantity supplied
e
lastic
, inelastic
equilibrium prices and quantities
rationing func
tion of prices
ceilings
floors
substitute goods
complementary goods
normal profit
economic profit
sole proprietorship
partnership
corporation
limited liability
transfer payments
natural monopoly
transfers/transfer payments
spil
lovers (costs, benefits)
subsidy
marginal tax rate
excise tax
normal growth/secular trend
expansion
contraction
peak
trough
II. Measurement of Economic Performance
----------
gross domestic product
(GDP)
gross national product
(GNP)
multiple counting
C + Ig
+ G + Xn
W + R + I + P + SA
depreciation/CFC
net investment
stock of capital
net domestic product
(NDP)
indirect business taxes
net foreign factor income
national income
(NI)
personal income
(PI)
disposable
income
(DI)
consumption
savings
GDP price index
nominal versus real
CPI
basket of goods
GDP deflator
per capita
rule of 70/rule of 72
productivity
rate of growth
actual versus potential GDP
GDP gap
demand pull inflation
cost
push inflation
rate of inflation
labor force
employed
unemployed
discouraged
natural rate of unemployment
Okun's law
COLA's
anticipated inflation
hyperinflation
frictional unemployment
structural unemployment
cyclical unemployment
seasonal unemployment
III.
National Income and Price
Determination:
----------
aggregate demand
aggregate supply
consumption schedule
saving schedule
APC
APS
MPC
MPS
saving range
dissaving range
investment demand
expect
ed rate of return
nominal interest rate
real interest rate
multiplier effect (1/1
-
MPC)
real domestic output (GDPr)
determinants of aggregate demand (the list)
determinants of aggregate supply (the list)
wealth effect
liquidity wealth
gove
rnment multiplier
crowding out effect
per unit production costs
LRAS
SRAS
Say's Law
Keynesian Fiscal Policy
Fed Monetary Policy
the ratchet
sticky wages
nondiscretionary spending
discretionary spending
stabilizers
leaks
injectio
ns
budget deficit
budget debt
balanced budget multiplier
expansionary fiscal policy
contractionary fiscal policy
progressive tax systems
full employment budget
supply side policies
IV. Financial Sector
----------
M
-
1, M
-
2, M
-
3
stocks
bonds
transactional demand
asset demand
money market
loanable funds market
bond market
Federal Board System
Board of Governors
FDIC
OMC (FOMC)
Beige Book
open market operations
future values of money
fed fund rate
dis
count rate
prime rate
required reserves
excess reserves
reserve multiplier (monetary multiplier)
liquidity
easy money policies
tight money policies
velocity of money
net export effect
fiscal versus monetary: cause and effect
V. Infla
tion, Unemployment, and Stabilization
Policies
Phillips Curve SR
Phillips Curve LR
stagflation
disinflation effects
Laffer Curve relations
annually balanced budget
cyclically balanced budget
crowding out effect
MV = PQ
VI. Economic Gro
wth and Productivity
----------
human capital
physical capital
growth policy options
VII. Open Economy: International Trade
and Finance
----------
gold standard
Bretton Woods system
WTO
IMF
NAFTA
CAFTA (DR
-
CAFTA)
EU
absolu
te advantage
comparative advantage
terms of trade
"capital inflow"
"capital outflow"
output efficiency
input efficiency
trade barriers
tariffs
non
-
tariff barriers
price dumping
balance of payments
current account
capital account
trade surplus
trade deficit
official reserves
currency appreciation
currency depreciation
official reserves
fixed exchange rates
floating exchange rates
net exports
dollarization
remittances
purch
asing power parity of currencies
mu
ltinational corporations
joint ventures
executive agreements
congressional
-
executive agreements
most favored nations (normal trade relations)
ad
-
valorem
tariff
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