Fundamentals of Macroeconomics (Gr 11)
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- Created by: mczerniak
- Created on: 18-09-21 21:16
Aggregate Demand
The total demand in an economy at a given price level, over a period of time, representing the gross domestic product.
AD = C+I+G+Xn(x-m)
Aggregate Demand = Consumption+Investment+Government Spending+Net Exports (Exports - Imports)
AD = C+I+G+Xn(x-m)
Aggregate Demand = Consumption+Investment+Government Spending+Net Exports (Exports - Imports)
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Aggregate Supply
The total supply of goods and services that firms in a national economy supply at a given price level over time.
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Competition policy
A policy intended to promote fair trade between firms and prevent anti-competitive practices, such as collusion.
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Deflationary/Contractionary fiscal policy
Macroeconomic policy to limit spending and decrease aggregate demand through increasing taxes and decreasing government expenditure.
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Economic Growth
A quantitative measure of living standards, characterized by an increase in national income or real GDP per capita.
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Fiscal Policy
A macroeconomic policy that influences spending through changing taxes, government expenditure, and borrowing to achieve macroeconomic objectives.
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Government budget
An estimate of the government's income and expenditure over a given period of time-based on the difference between government revenue and spending.
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Loose monetary policy
A central bank action to increase the money supply and decrease the interest rate to expand the economy.
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Macroeconomics
The study of the overall performance of an economy including aggregate factors such as inflation, unemployment, business cycles, and economic growth.
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Maximum price
A legal price set below the market equilibrium level by the government, resulting in excess demand, queuing, and rationing.
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Merit goods
Goods under-consumed by individuals and under-supplied by firms that need to be subsidized because they yield high benefits, such as healthcare services.
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Microeconomics
A study of individual entities' operations and decisions.
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Minimum Price
A legal price set above the market equilibrium level by the government, resulting in excess supply, such as the national minimum wage.
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Monetary Policy
A set of policies set by the central bank to influence the economy through changing the money supply and interest rates.
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National Champion Industries
Domestically based companies that have become leading competitors in their markets.
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Public Goods
Non-excludable and non-rival goods provided by the government for the well-being of the public.
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Quantitative easing
An alternative to a monetary policy is used by central banks to stimulate the economy through the purchase of government securities or other securities from the market, in order to lower the interest rate and increase the money supply.
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Reflationary/Expansionary fiscal policy
A macroeconomic policy based on decreasing taxes and increasing public expenditure to increase spending and expand the economy.
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Subsidies
A form of financial assistance extended to economic entities, firms, or to promote economic and social policies by increasing output and lowering prices.
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Supply-side policies
Government policies are based on increasing output by creating incentives for employees and firms to increase their productivity.
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Tight monetary policy
A central bank policy is based on increasing the interest rate and decreasing the money supply in order to contract the economy.
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Tradable permits
An allowed overall level of pollution allocated among firms in return for money in the form of permits.
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Other cards in this set
Card 2
Front
The total supply of goods and services that firms in a national economy supply at a given price level over time.
Back
Aggregate Supply
Card 3
Front
A policy intended to promote fair trade between firms and prevent anti-competitive practices, such as collusion.
Back
Card 4
Front
Macroeconomic policy to limit spending and decrease aggregate demand through increasing taxes and decreasing government expenditure.
Back
Card 5
Front
A quantitative measure of living standards, characterized by an increase in national income or real GDP per capita.
Back
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