• Chapter 13: Money and BanksChapter 13: Money and Banks

    Primitive economies had to resort to barter, a very inefficient method of trade. Barter first requires you to “want what the other person has” and the other person to “want what you have.” Once that is established, then the arguing about the terms of trade (how much of one for the other) begins.

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  • Chapter 12: Fiscal PolicyChapter 12: Fiscal Policy

    Fiscal Policy Fiscal policy is the use of government taxes and spending to alter macroeconomic outcomes. The premise of fiscal policy is that the aggregate demand (AD) for goods and services will not always be compatible with economic stability.

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  • Chapter 11: Aggregate Supply and DemandChapter 11: Aggregate Supply and Demand

    Macro Outcomes Macroeconomics is the study of the aggregate economy Macro outcomes include: Output: the total volume of goods and services produced (real GDP). Jobs: the levels of employment and unemployment. Prices: the average prices of goods and services.

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  • Chapter 10: The Business CycleChapter 10: The Business Cycle

    Macroeconomics Macroeconomics is the study of aggregate economic behavior, of the economy as a whole. A basic purpose of macroeconomic theory is to explain the business cycle. Macro policy tries to control the business cycle.

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  • Chapter 9: Government InterventionChapter 9: Government Intervention

    Laissez Faire Adam Smith coined the phrase laissez faire in the late 1700s as a doctrine of “leave it alone,” or nonintervention by government in the market mechanism. Adam Smith wanted to establish the presumption of market efficiency.

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  • Chapter 8: The Labor MarketChapter 8: The Labor Market

    Income versus Leisure The opportunity cost of working is the amount of leisure time that must be given up in the process. People have to fit everything they do into 24-hour days. An extra hour of work must replace an hour of leisure.

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  • Chapter 7: MonopolyChapter 7: Monopoly

    Monopoly Structure: Monopoly A monopoly is one firm that produces the entire market supply of a particular good or service. Because there is only one firm in a monopoly industry, the firm is the industry.

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  • Chapter 6: CompetitionChapter 6: Competition

    Market Structure The number and relative size of firms vary across industries. Most real-world firms fall somewhere along a spectrum that stretches from one extreme (powerless) to another (powerful).

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  • Chapter 5: Supply DecisionsChapter 5: Supply Decisions

    Supply Supply is the ability and willingness to sell (produce) specific quantities of a good at alternative prices in a given time period, ceteris paribus. Factors of Production Factors of production are the resource inputs used to produce goods and services. Such factors include land, labor, capital, and entrepreneurship.

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  • Chapter 4: Consumer DemandChapter 4: Consumer Demand

    Determinants of Demand What determines what we buy? The Sociopsychiatric Explanation. The Economic Explanation.

    ppt32 trang | Chia sẻ: thanhlam12 | Ngày: 14/01/2019 | Lượt xem: 666 | Lượt tải: 0