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Detailed study guide for econ

by: Faithomotor

Detailed study guide for econ Econ 2100

Marketplace > Georgia State University > Macro Economics > Econ 2100 > Detailed study guide for econ

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About this Document

Follows exactly according to the study guide.
The Global Economy
Glenwood Ross
Study Guide
50 ?




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Popular in Macro Economics

This 3 page Study Guide was uploaded by Faithomotor on Saturday September 10, 2016. The Study Guide belongs to Econ 2100 at Georgia State University taught by Glenwood Ross in Fall 2016. Since its upload, it has received 11 views. For similar materials see The Global Economy in Macro Economics at Georgia State University.

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Date Created: 09/10/16
Economics Concerned with how people make choices individually and collectively Marginalism Additional costs from making decision Economic rule MB > MC pursue MC > MB DONOT Pursue Oppurtunity cost Vale of the nest best alternative we give up when we make a decision Ex: so study so you miss out on time with your friends Incentives Rewards and penalties that motivate behavior Macro economics Economy eide issues Ex: households and firms, individuals Aggregate price Aggregate labor supply Aggregate national production Law of demand Inverse relationship between the price of a good and the quantity demand of the good Change in demand Movement inward or outwards caused by shift factors 5 demand shift factors Change in income (normal and inferior goods) Change in prices of goods/services Change in costumer preferences Change in number of consumers Change in expectations Aka IPCNE Income Direct relationship Income increases demand increases and vice versa Normal good Goods that show a direct relationship between income and demand Inferior good Inverse relationship between income and demand Ex: demand for used clothing will decrease when there is an increase in income. Complements ( falls under change in prices of related goods or services) Inverse relationship between price and demand Price of airfare goes down then the demand of jet fuel goes up Substitutes ( under change in price) Goods or services are used in place of one another direct relationship for substitutes Price of airfare goes down then demand of bus fare goes down Consumer tastes Direct impact on demand for good Number of consumers Direct relationship between consumers and demand Expectations Expectations about future Ex: if you think you're going to loose job you spend less. Supply Direct relationship between price and quantity supplied 6 supply side shift factors Changes in the cost of inputs Advances in technology Taxes and producer subsides Changes in the price of related goods or services Changes in the number of producers Change in expectations Aka ITSGPE Costs of input Inverse relationship between cost and supply Advances technology Increase in supply Taxes and prioduction Direct impact Changes in prices of related goods for supply Substitutes inverse impact In production Complements direct impact in production Basically opposite in demand Number of producers Direct impact on producers and supply Expectations in supply Prodded expectations Qd < Qs Surplus Qd> Qs Shortage Qd =Qs Equilibrium Consumer surplus Difference between the maximum price a buyer is able and willing to pay for a product Producer surplus difference between the amount a producer of a good receives and the minimum amount the producer is willing to accept for the good. ... ... Gross domestic product Measure of a country's output of goods and services Market value Multiply the goods number by the market price Final goods and services An item that is bought by its final or end user Included in GDP Intermediate goods Good used in the production of a final good Not included in GDP Measuring GDP/ expenditure approach C+I+G+(x-m) C: consumer spending I:business investments G: govt spending X-m:exports-imports GDP per capita Simply the GDP of a nation divided by nations population Real GDP (Nominal GDP/ GDP deflator) X 100 GDP deflator (Nominal GDP/ Real GDP) X 100 Deflation When Year to year CPI falls Demand-pull inflation Economy is operating at or near full capacity and consumer demands for goods and services continues to increase Cost-push inflation Increase in commodity cause increase to cost of production Stagflation High inflation and high unemployment Results from cost-push pressures Hyperinflation Severe form of inflation. Hugh runic in prices, decline in purchasing power of the local currency. Associated with the immediate exchange of the local currency


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