Yennifer Castellon Period 2 Macro Begin
Unit 1 Unit 2 Unit 3 All Around Graphs $100 $100 $200 $200 $300 $300 $400 $400 $500 $500 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 Unit 1 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 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
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