I. Basic Economic Concepts

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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