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5 Steps to a 5 AP Microeconomics/Macroeconomics Flashcards

5 Steps to a 5 AP Microeconomics/Macroeconomics Flashcards

Authors: Eric Dodge

Published: November 2011

eISBN: 9780071778336 0071778330 | ISBN: 9780071778329

Contents

Absolute (or Money) Prices

Absolute Advantage

Accounting Profit

Aggregate Demand (AD)

Aggregate Income (AI)

Aggregate Spending (GDP)

Aggregate Supply (AS)

Aggregation

All Else Equal

Allocative Efficiency

Appreciating (Depreciating) Currency

Asset Demand

Asset of a Bank

Autarky

Automatic Stabilizers

Autonomous Consumption

Autonomous Investment

Autonomous Saving

Average Fixed Cost (AFC)

Average Product of Labor (APL)

Average Tax Rate

Average Total Cost (ATC)

Average Variable Cost (AVC)

Balance of Payments Statements

Balance Sheet or T-Account

Balanced Budget Multiplier

Bank

Barrier to Entry

Barter

Base Year

Bond

Break-Even Point

Budget Deficit

Budget Surplus

Business Cycle

Capital

Capital (or Financial) Account

Capital Inflow

Cartel

Circular Flow of Economic Activity

Closed Economy

Coase Theorem

Collusive Oligopoly

Comparative Advantage

Complementary Goods

Constant Costs Industry

Constant Returns to Scale

Constrained Utility Maximization

Consumer Price Index (CPI)

Consumer Surplus

Consumption and Saving Schedules

Consumption Bundle

Consumption Function

Contraction

Contractionary Fiscal Policy

Contractionary Monetary Policy

Cross-Price Elasticity of Demand

Crowding Out Effect

Current Account

Curve

Cyclical Unemployment

Deadweight Loss

Debt Financing

Decision to Invest

Decreasing Costs Industry

Deflation

Demand Curve

Demand for Labor

Demand for Loanable Funds

Demand Price

Demand Schedule

Demand-Pull Inflation

Depression

Derived Demand

Determinants (Shifters) of Demand

Determinants (Shifters) of Supply

Determinants of Aggregate Demand (AD)

Determinants of Aggregate Supply (AS)

Determinants of Consumption and Saving

Determinants of Elasticity

Determinants of Exchange Rates

Determinants of Labor Demand

Discount Rate

Discouraged Workers

Diseconomies of Scale

Disequilibrium

Disposable Income (DI)

Dissaving

Domestic Demand Curve

Domestic Price

Domestic Supply Curve

Dominant Strategy

Double Counting

Duopoly

Economic Growth

Economic Profit

Economics

Economies of Scale

Economy

Egalitarianism

Elasticity

Elasticity and Demand Curves

Employed

Equation of Exchange

Equity Financing

Excess Capacity

Excess Reserves

Exchange Rate

Excise Tax

Excludable

Expansion

Expansionary Fiscal Policy

Expansionary Monetary Policy

Expected (Anticipated) Inflation

Expected Real Rate of Return

Explicit Costs

Exports

Factor Distribution of Income

Factor Markets

Federal Funds Rate

Fiat Money

Final Goods

Fiscal Policy

Fixed Inputs

Foreign Sector Substitution Effect

Four-Firm Concentration Ratio

Fractional Reserve Banking

Free Trade

Free-Rider Problem

Frictional Unemployment

Full Employment

Functions of Money

Future Value

Gross Domestic Product (GDP) Price Deflator

Globalization

Gross Domestic Product (GDP)

Horizontal Summation

Human Capital

Imperfect Competition

Implicit Costs

Import Quota

Imports

Incidence of Tax

Income Distribution

Income Effect

Income Elasticity

Increasing Costs Industry

Ineffictive

Inferior Goods

Inflation

Inflationary Gap

Interdependence

Interest Rate

Interest Rate Effect

Intermediate Goods

Investment Demand

Investment Tax Credit

Keynesian Economics

Labor Force (LF)

Law of Demand

Law of Diminishing Marginal Returns

Law of Diminishing Marginal Utility

Law of Increasing Costs

Law of Supply

Least-Cost Rule

Leisure

Liability of a Bank

Liquidity

Long Run

Lump-Sum Tax

Luxury

M1

M2

M3

Macroeconomic Equilibrium

Macroeconomic Long Run

Macroeconomic Short Run

Macroeconomics

Marginal

Marginal Analysis

Marginal Benefit (MB)

Marginal Cost (MC)

Marginal Cost (MC)

Marginal Product of Labor (MPL)

Marginal Productivity Theory

Marginal Propensity to Consume (MPC)

Marginal Propensity to Save (MPS)

Marginal Resource Cost (MRC)

Marginal Revenue Product (MRP)

Marginal Social Benefit

Marginal Social Cost

Marginal Tax Rate

Marginal Utility (MU)

Market Basket

Market Economy (Capitalism)

Market Equilibrium

Market Failure

Market for Loanable Funds

Market Power

Market Share

Microeconomics

Minimum Wage

Model

Monetarism

Monetary Base

Money Demand

Money Multiplier (MM)

Money Supply

Monopolistic Competition

Monopolistic Competition Long-Run Equilibrium

Monopoly

Monopoly Long-Run Equilibrium

Monopsonist

Multiplier Effect

Nash Equilibrium

Natural Monopoly

Natural Rate of Unemployment

Necessity

Negative Externality

Net Export Effect

Nominal Gross Domestic Product (GDP)

Nominal Income

Nominal Rate of Interest

Noncollusive Oligopoly

Nonexcludable

Nonmarket Transactions

Nonprice Competition

Nonrenewable Resources

Normal Goods

Normal Profit

Official Reserves Account

Oligopoly

Open Market Operation (OMO)

Opportunity Cost

Out of the Labor Force

Patent

Peak

Perfect Competition

Perfectly Competitive Long-Run Equilibrium

Perfectly Elastic

Perfectly Inelastic

Phillips Curve

Positive Externality

Present Value

Price Ceiling

Price Discrimination

Price Elastic Demand

Price Elasticity of Demand

Price Elasticity of Supply

Price Floor

Price Index

Price Inelastic Demand

Prisoners’ Dilemma

Private Goods

Private Saving

Producer Surplus

Product Differentiation

Production Function

Production Possibilities

Production Possibility Frontier (Curve)

Productive Efficiency

Productivity

Profit-Maximizing Rule

Profit-Maximizing Resource Employment

Progressive Tax

Property Rights

Proportional Tax

Protective Tariff

Public Goods

Public Saving

Quantity Theory of Money

Real Gross Domestic Product (GDP)

Real Income

Real Rate of Interest

Real Rate of Interest

Recession

Recession

Recessionary Gap

Regressive Tax

Relationship Between Average Product of Labor (APL) and Average Variable Cost (AVC)

Relationship Between Marginal Product of Labor (MPL) and Marginal Cost (MC)

Relative Prices

Renewable Resources

Rental Rate

Required Reserves

Reserve Ratio (rr)

Resources

Revenue Tariff

Rival in Consumption

Saving Function

Scarcity

Seasonal Unemployment

Secondhand Sales

Short Run

Shortage

Shutdown Point

Slope and Elasticity

Specialization

Spending Multiplier

Spillover Benefits

Spillover Costs

Stagflation

Sticky Prices

Stock

Strategic Behavior

Structural Unemployment

Subsidy

Substitute Goods

Substitution Effect

Sunk Cost

Supply Curve

Supply of Loanable Funds

Supply Schedule

Supply Shocks

Supply-Side Boom

Supply-Side Fiscal Policy

Surplus

Tacit Collusion

Tax Bracket

Tax Multiplier

Technology

The Firm

Theory of Liquidity Preference

Time Value of Money

Total Cost (TC)

Total Fixed Costs (TFCs)

Total Product of Labor (TPL)

Total Revenue

Total Revenue Test

Total Utility (TU)

Total Variable Costs (TVC)

Total Welfare

Trade-Offs

Transaction Demand

Trough

Underground Economy

Unemployed

Unemployment Rate

Unions

Unit Elastic Demand

Utility

Utility Maximizing Rule

Utils

Values of Cross-Price Elasticity of Demand

Values of Income Elasticity

Variable Inputs

Velocity of Money

Wealth Effect

Willingness to Pay

World Price