Transcript Opening Splash

Yennifer Castellon
Period 2
Macro
Begin
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Unit 3
All Around
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Summer
Work
Summer Work- $100
The demand for what shifts when there
are changes in GDP?
Demand for money
Summer Work- $200
Increasing the money supply lowers
interest rates why?
Because surplus money moves into the
bond market,
Summer Work- $300
Points above full employment indicate
what?
They indicate an overheated economy with
inflationary problems.
Summer Work- $400
Other countries want U.S. goods when?
A.
B.
C.
D.
Ours are cheaper
Our inflation is less than theirs
Our interest rate is higher
The other country is growing faster
Summer Work- $500
What are shifters of investment
demand?
A.
B.
C.
D.
E.
Acquisition, maintenance, and operating cost
Business Taxes
Technological Change
Stick of capital goods on hand
Expectations
Unit 1- $100
What are capital goods? And give
two examples.
Goods intended for use in the production
of other goods or services, rather than final
consumption.
Ex. pizza oven, oil drilling equipment
Unit 1- $200
What is the difference between product
market and resource market?
Product market is the market place in which a
final or finished good or services is bought
by consumers. While resource market is a market
place for the exchange of labor, capital or raw
materials.
Unit 1- $300
This is a model that illustrates the flow
of goods and services through the
economy.
Circular Flow Model
Unit 1- $400
What are four factors of production?
1.
2.
3.
4.
Land
Labor
Capital
Entrepreneurship
Unit 1- $500
Which are the five determinants of
demand.
1.
2.
3.
4.
5.
Tastes and Preferences
Number of Consumers
Price of related goods
Income
Future Expectations
Unit 2- $100
What is GDP?
The total value of all final goods and
services produced in the economy
during a given year.
Unit 2- $200
What are final goods and services?
Goods and services sold to the final or end.
Unit 2- $300
What unemployment rate arises form
the effect of frictional and structural
unemployment?
Natural Rate of unemployment
Unit 2- $400
Consumers buy more of a good when
its price decreases and less when its
price increases.
Law of Demand
Unit 2- $500
The principle that suppliers will
normally offer more for sale at
higher prices and less at lower
prices.
Law of Supply
Unit 3- $100
It is the total demand for final
goods and services in the economy
at a given time and price level.
Aggregate Demand
Unit 3- $200
What is aggregate supply?
It is the total supply of goods and services
that firms in a national economy plan on
selling during a specific time period .
Unit 3- $300
If aggregate demand increases
and aggregated supply decreases
the price level:
Will increase but real output is indeterminate
Unit 3- $400
This unemployment occurs when
people take time to find a job.
Frictional Unemployment
Unit 3- $500
Unemployment that rises
during economic downturns
and falls when the economy
improves is?
Cyclical Unemployment
All Around- $100
What is an example of a substitute.
Ex. Coke and Pepsi
All Around- $200
What is scarcity?
Resources are not unlimited and are not
unlimited and are not available in sufficient
quantities to satisfy all the various ways a
society wants to use them.
All Around- $300
What is the difference between
concave vs. convex?
Concave is a surface that is curved inward
in the middle.
Convex is a surface that curved outward in
the middle.
All Around- $400
What is supply shock?
Is an event that shifts the short-run
aggregate.
All Around- $500
What are the shifters of supply?
1.Prices/Availability of inputs (resources)
2. Number of sellers
3. Technology
4.Govrment Action: Taxes and Subsidies
5.Opportunity Cost of Alternative Production
6. Expectations of Future Profit
Graphs- $100
What is this graph
called?
PPC
Graphs- $200
What is this graph
called?
PPF
Graphs- $300
What graph is this?
Supply and Demand
Graphs- $400
What type of graph is this?
SRAS Curve
Graphs- $500
What is the indicating
area called?
Inflationary Gap