ECON 202: Principles Of Macroeconomics at North Dakota State University | Flashcards & Summaries

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Lernmaterialien für ECON 202: Principles of Macroeconomics an der North Dakota State University

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Phillips Curve Depicts the relationship between:
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Federal debt and unemployment 
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A______ illustrates relationships.

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Model

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the use of government taxation and expenditure policies for the purpose of achieving macroeconomic goals.

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Fiscal Policy

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the deliberate control of the money supply, and , in some cases, credit conditions, for the purpose of achieving macroeconomic goals.

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Monetary Policy

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the supply of currency, checking account funds, and traveler's checks. These items are counted as money because they are used as the means of payment for purchases.

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Money Supply

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The circular flow of income is coordinated by four key macroeconomic markets:

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1) goods and services 2) resources 3) loanable funds 4) foreign exchange

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Resource Market

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a highly aggregated market encompassing all resources (labor, physical capital, land, and entrepreneurship) contributing to the production of current output. the labor market is the largest component of this market.

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Goods and Services Market

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a highly aggregated market encompassing the flow of all final-user goods and services. The market counts all items that enter into GDP. Thus, real output in this market is equal to real GDP.

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Loanable Funds Market

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a general term used to describe the market that coordinates the borrowing and lending decisions of business firms and households. Commercial banks, savings and loan associations, the stock and bond markets, and insurance companies are important financial institutions in this market.

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Saving

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the portion of after-tax income that is not spent on consumption. Saving is a "flow" concept.

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Foreign Exchange Market

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the market in which the currencies of different countries are bought and sold.

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Crowding-out effect:

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Restrictive fiscal policy will reduce real interest rates and "crowd-in"

Larger budget deficits and higher real interest rates lead to an inflow of capital, appreciation in the dollar, and a decline in net exports private spending

increased borrowing will push up interest rates, which will crowd out private investment and consumption.


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Beispielhafte Karteikarten für deinen ECON 202: Principles of Macroeconomics Kurs an der North Dakota State University - von Kommilitonen auf StudySmarter erstellt!

Q:
Phillips Curve Depicts the relationship between:
A:
Federal debt and unemployment 
Q:

A______ illustrates relationships.

A:

Model

Q:

the use of government taxation and expenditure policies for the purpose of achieving macroeconomic goals.

A:

Fiscal Policy

Q:

the deliberate control of the money supply, and , in some cases, credit conditions, for the purpose of achieving macroeconomic goals.

A:

Monetary Policy

Q:

the supply of currency, checking account funds, and traveler's checks. These items are counted as money because they are used as the means of payment for purchases.

A:

Money Supply

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Q:

The circular flow of income is coordinated by four key macroeconomic markets:

A:

1) goods and services 2) resources 3) loanable funds 4) foreign exchange

Q:

Resource Market

A:

a highly aggregated market encompassing all resources (labor, physical capital, land, and entrepreneurship) contributing to the production of current output. the labor market is the largest component of this market.

Q:

Goods and Services Market

A:

a highly aggregated market encompassing the flow of all final-user goods and services. The market counts all items that enter into GDP. Thus, real output in this market is equal to real GDP.

Q:

Loanable Funds Market

A:

a general term used to describe the market that coordinates the borrowing and lending decisions of business firms and households. Commercial banks, savings and loan associations, the stock and bond markets, and insurance companies are important financial institutions in this market.

Q:

Saving

A:

the portion of after-tax income that is not spent on consumption. Saving is a "flow" concept.

Q:

Foreign Exchange Market

A:

the market in which the currencies of different countries are bought and sold.

Q:

Crowding-out effect:

A:

Restrictive fiscal policy will reduce real interest rates and "crowd-in"

Larger budget deficits and higher real interest rates lead to an inflow of capital, appreciation in the dollar, and a decline in net exports private spending

increased borrowing will push up interest rates, which will crowd out private investment and consumption.


ECON 202: Principles of Macroeconomics

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