Vocabulary – Macroeconomics, Night.
At least half the questions for each quiz will be vocabulary questions.
* Not in textbook
1.1
Economics*(N1BB S7)
Scarcity
1.2
Macroeconomics
Microeconomics
1.3
Model*
1.4
Command economy
Market
Market economy
Private Enterprise
Traditional economy
Underground economy
2.1
Budget constraint
Opportunity cost
2.2
Law of increasing opportunity
cost*(N1AB S62)
Production possibilities frontier
Comparative advantage
------Quiz #1 Line
Allocative efficiency
Productive efficiency
3.1
Demand curve
Demand schedule
Demand
Equilibrium price
Equilibrium quantity
Equilibrium
Law of Demand
Law of Supply
Price
Quantity demanded
Quantity supplied
Shortage
Supply curve
Supply schedule
Supply
Surplus
3.2
Ceteris paribus
Quantity demanded
Complements
Inferior goods
Normal good
Shift in demand
Substitute
------Quiz #2 Line
Quantity supplied
Factors of production
Inputs
Shift in supply
3.4
Price ceiling
Price control
Price Floor
4.3
Incentive Problem*(N3BB S175)
Information Problem*(N3BB S175)
Invisible hand*(N3BB S175)
6.1
Circular flow diagram*(N3AB S19)
Double counting
Final good or service
Gross domestic product (GDP)
Intermediate good
Service
Trade balance
Trade deficit
Trade surplus
Consumption expenditures*(N3AB S12)
Investment expenditures*(N3AB S12)
Government expenditures*(N3AB S12)
6.2
Nominal value
Real GDP*(N3AB S28)
Real value
------Quiz #3 Line
6.3
Business cycle
Depression
Peak
Trough
6.4
Exchange rate
GDP per capita
6.5
Standard of living
------Unit #1 Line
8.1
Discouraged workers
Labor force
Unemployment rate
8.3
Cyclical unemployment
Implicit contract
Adverse selection of wage cuts
Short-run in macroeconomics
8.4
Frictional unemployment
Structural unemployment
Long-run in macroeconomics
Natural rate of unemployment
Natural real GDP
9.0
Inflation
9.1
Basket of goods and services
Index number
Base year
9.2
Consumer price index
Substitution bias
Quality/new goods bias
Core inflation index
GDP deflator
9.3
Deflation
Hyperinflation*(N6BB S33)
9.5
Cost-of-living adjustments (COLA)
Adjustable-rate mortage (ARM)
Indexing
------Quiz #4 Line
11.2
Aggregate demand/aggregate supply model
Aggregate supply
Aggregate supply curve
Natural real GDP (potential GDP
or full employment GDP)
Short-run aggregate supply curve
Long-run aggregate supply curve
11.3
Stagflation
12.1
Recessionary gap
Inflationary gap
12.2
Sticky wages and prices
Marginal propensity to
consume*(N7AB S17)
Expenditure multiplier
------Quiz #5 Line
12.3
Phillips curve
Expansionary fiscal policy
Contractionary fiscal policy
17.6
Crowding out
Implementation lag
Legislative lag
Recognition lag
17.3
Budget deficit*(N8AB S92)
National debt
------Quiz #6 Line
7.1
Industrial revolution
Rule of law
Marginal tax rate*(N9BB S117
Supply-side economics*(N9BB S117)
7.2
Physical capital
------Unit #2 Line
13.1
Neoclassical perspective
Expected inflation
Natural rate of unemployment*(N11BB S8)
Natural real GDP*(N11BB S8)
Rational expectations
Adaptive expectations
------Quiz #7Line
14.1
Barter
Commodity money
Double coincidence of wants
Fiat money
Money
14.2
Demand deposits
M1 money supply*(N12BB S85)
M2 money supply*(N12BB S86)
Savings deposits
14.3
Bank*(N12AB S91)
Fractional reserve banking*(N12AB S95)
14.4
Money multiplier formula*(N12AB S103)
15.1
Central bank
Federal Reserve System*(N12AB S108)
15.2
Bank run
Deposit insurance
Lender of last resort
15.3
Open market operations
Reserve requirement
Discount rate
15.4
Contractionary monetary policy
Expansionary monetary policy
Federal funds rate
Quantitative easing
------Quiz #8Line
15.5
Equation of exchange*(N14BB S48)
Excess reserves
Monetarists*(N13AB S70)
Monetary Base*(N13AB S33)
Velocity
------Quiz #9Line
20.1
Gains from trade
16.1
Appreciating
Depreciating
Foreign exchange market
16.2
Purchasing power parity
------Unit #3 Line