University of Louisiana Monroe | ULM University of ...
|WIKIPEDIA SOURCES FOR ECON-2001 (Macroeconomics) |
|Chapter – 1 |
|Limits, Alternatives, and Choices |
|The Economic Perspective | |
| Scarcity and Choice | |
|Purposeful behavior |(Scarcity in Economics) |
| | |
| |(Opportunity Cost) |
| | |
| Marginal Analysis: Comparing Benefits and | |
|Costs |(Marginal benefit) |
| | |
| |(Introduction) |
|Theories, Principles, and Models | |
|Microeconomics and Macroeconomics | |
| Microeconomics | |
|Macroeconomics |(Microeconomics) |
| | |
| |(Macroeconomics) |
| Positive and Normative Economics | |
| |(Positive Economics) |
| | |
| |(Normative Economics) |
|Individual’s Economizing Problem | |
| Limited Income, Unlimited wants, | |
|A Budget Line | |
|Attainable and unattainable combinations, |(Budget constraint introduction) |
|Trade-offs and opportunity costs, Choice, | |
|Income Changes | |
|Society’s Economizing Problem | |
| Scarce Resource | |
|Resource Categories(Land, Labor, Capital |(economics) |
|Entrepreneurial Ability) |(Resource, Land/natural resources, Labor/human resources, |
| |Capital/infrastructure) |
| | |
| |(Entrepreneur introduction) |
|Production Possibilities Model | |
| Full employment | |
|Fixed resources |(Full employment introduction) |
|Fixed technologies | |
|Two goods |(Final Goods) |
|Consumer goods | |
| |(Capital good) |
| | |
|Unemployment, Growth, and the Future | |
| A growing economy | |
|Increases in resource supply |(Unemployment introduction) |
|Advances in technology | |
|Present choices and Future Possibilities |(Economic growth introduction, Economic growth versus the business cycle, |
| |economic growth per capita, measuring economic growth, the power of annul |
| |growth) |
|Appendix | |
| Construction of graph | |
|Direct relation between consumption and | (Introduction) |
|income | |
|Dependent and independent variables | (Introduction) |
|Slope of a line | |
|Positive slope, Negative slope, Slopes | |
|And measurement units, Slopes and | |
|marginal analysis, Infinite and zero | |
|slopes | |
|Vertical intercept | |
|Equation of a linear relationship | |
|Slope of a nonlinear curve | |
|Chapter – 2 |
|The Market System and the Circular Flow |
| |
|Economic Systems | |
| The Command System | (Introduction) |
|The Market System | |
| |(Introduction) |
| | |
| |(Introduction) OR |
| | |
| |(Introduction) |
|Characteristics of the market System | |
| Private property | |
|Freedom of enterprise and choice | |
|Self Interest | |
|Competition |(Introduction) |
|Markets and Prices | |
|Technology and Capital Goods | |
|Specialization |(economics) |
|Division of labor | |
|- Specialization makes use of |(Introduction) |
|differences in ability | |
|- Specialization fosters learning by |(Economic definition) |
|doing | (Introduction) |
|-Specialization saves time | |
|Geographic specialization |(Specialization) |
|Use of money | |
| |(Introduction, Definition) |
| | (Introduction) |
|Five fundamental questions | |
| -What goods and services will be produced? | |
|-How will the goods and services be |(Introduction) |
|produced? | |
|-Who will get the goods and services? | |
|-How will the system accommodate change? | |
|-How will the system promote progress? |(economics) |
|Technology advance |(Introduction, definition) |
|Capital accumulation | |
|The “Invisible hand” | |
| -Efficiency | |
|-Incentives | |
|-Freedom | |
| | |
| |(Introduction) |
|The demise of the command | |
| -The coordination problem |
|-The incentive problem |l |
| | |
|The circular flow problem | |
| -Household | |
|-Business | |
|Sole proprietorship | |
|Partnership |(Introduction, basic forms of ownership) |
|Corporation | |
|-Product Market | |
|-Resource Market | |
|Chapter – 3 |
|Demand, Supply, and Market Equilibrium |
| |
|Markets | |
| | |
| |(Introduction) |
|Demand | |
| -Demand schedule |(economics) |
|-Law of demand | |
|-The demand curve | |
|-Market demand |(Diminishing marginal utility) |
|-Changes in demand | |
|Tastes |(Substitution effect, Income effect) |
|Number of buyers | |
|Income |(Demand curve) |
| | |
| | |
| | |
| | |
|-Changes in quantity demanded | |
|Supply | |
| -Law of supply |(economics) |
|-The supply curve | |
|-Market supply |(economics)#Supply_curve |
|-Determinants of supply |(Supply curve) |
|-Changes in supply |(economics)#Market_structure_and_the_supply|
|Resource prices |_curve |
|Technology |(Market structure and supply curve) |
|Taxes and subsidies |(economics) |
|Prices of other goods |(Factors affecting supply) |
|Producer expectations |
|Number of sellers |lied |
|-Changes in quantity supplied | |
|Market Equilibrium | |
| -Equilibrium price and quantity | |
|Surplus |(Introduction) |
|Shortage | |
| | |
|-Rationing Function Prices | |
|-Efficient Allocation |(1st paragraph) |
|Productive efficiency | |
|Allocative efficiency | |
|-Changes in supply, demand, and |(Productive efficiency) |
|equilibrium | |
|-Changes in demand |(Introduction) |
|-Changes in supply | |
|-complex cases | |
|Supply increase; Demand decrease | |
|Supply decrease; Demand increase | |
|Supply decrease; Demand decrease | |
|Application: Government-Set Prices | |
| -Price Ceiling | |
|Graphic analysis | |
|Rationing problem | |
|Black Markets | |
|Rent controls | |
|-Price Floor | |
|Chapter – 5 |
|Market Failures: Public Goods and Externalities |
|Market failures in competitive markets | |
| Demand-side market failures | |
|Supply-side market failures |(end of introduction) |
| | |
|Efficiently Functioning Markets | |
| -Consumer Surplus |
|-Producer surplus |ucerSurplus/default.html |
|-Efficiency losses/Deadweight Losses |(slides 17-24) |
| | |
|Public Goods | |
| -Private Goods Characteristics | |
|Rivalry | |
|Excludability | |
|-Public Goods Characteristics |(economics) |
|Non-rivalry | |
|Non-excludability | |
|-Optimal quantity of a public good |
|-Demand for public goods |rginal+revenue+and+Marginal++cost |
|-Comparing MB and MC | (Introduction, |
|-Cost-Benefit Analysis |Theory, Process, Valuation) |
|concept | |
|illustration | |
|-Quasi-Public Goods | |
|Externalities | |
| -Negative externalities | |
|-Positive externalities |(Introduction, Negative (Definition), Positive (Definition)) |
| | |
| | |
|-Government Intervention | |
|Direct controls | |
|Specific taxes | |
|Subsidies and government provision | |
|Subsidies to buyers | |
|Subsidies to producers |(Government provision) |
|Government provision | |
|-Society’s optimal amount of externality | |
|reduction | |
|Chapter - 6 |
|An Introduction to Macroeconomics |
|An Introduction to Macroeconomics | |
|Introduction | |
|Business cycle |Introduction |
|Recession | |
| |Introduction |
|Performance and Policy | |
| GDP (Gross domestic Product) | |
|Real GDP |(Introduction) |
|Nominal GDP | |
|Unemployment |
|Inflation |_to_GDP |
| | |
| |(Introduction) |
| | |
| |(Introduction) |
|The miracle of Modern Economic growth | |
| Saving, investment, and choosing between | |
|present and future consumption | |
| | |
|Banks and other financial institutions |(time preference theory of interest) |
| | |
| | |
|Uncertainty, Expectation, and Shocks | |
| | |
| |(epistemic) |
|Demand shocks and Flexible Prices |(Introduction) |
| |(economics) |
| | |
|Demand shocks and Sticky Prices | |
| |(Dynamic pricing) |
|How sticky are prices |(economics)#Modeling_sticky_prices |
|Categorizing macroeconomic models using | |
|price stickiness. | |
|Chapter – 7 |
|Measuring Domestic Output and National income |
|Assessing the Economy’s Performance | |
|National income accounting | |
| | |
|GDP (Gross domestic product) | |
|Aggregate output | |
| |(Introduction) |
|A monetary Measure | |
|Avoiding multiple counting | |
|GDP Excludes nonproduction transactions | |
|Financial transactions | |
|Public transfer payments | |
|Private transfer payments | |
|Stock market transactions | |
|Secondhand sales | |
|Black market sales | |
|Two ways of looking at GDP: Spending & Income |
|The expenditure approach |diture_approach |
|Personal Consumption | (PCE) |
|Gross private domestic investment | |
| |
| |estic%20investment |
| The Income approach | |
|Compensation of employees | (Introduction) |
|Rents, Interest, Proprietors income, Corporate profits (corporate | (Introduction) |
|income taxes, dividends, undistributed corporate profits), Taxes on | |
|production and imports, from national income to GDP, net foreign |(Proprietors income) |
|factor income, statistical discrepancy, and consumption of fixed | (Introduction) |
|capital | (Introduction) |
| |
| |te+profits |
| |
| |ports |
| |
| |ross+domestic+product |
| |
| |come |
| |
| |cy |
| | |
|Other National Accounts | |
| | |
| | |
| | |
|Nominal GDP versus Real GDP | |
| | |
| |
| |opicArticleId-9789,articleId-9734.html |
|Shortcomings of GDP | |
| | (Introduction) |
| | |
| |
| |-gdp-alternative.asp#axzz28dsY14Xa |
|Chapter – 8 |
|Economic Growth |
|Economic Growth | (Introduction) |
|Real GDP per Capita | |
|Determinants of Growth |(economics) |
|Supply factors | |
|Demand factor |
| |nd |
| | |
|Production possibilities Analysis | |
|Growth and Production Possibilities |(Introduction) |
|Labor and productivity | (Definition) |
|Accounting for Growth | |
|Labor inputs versus labor productivity | (Introduction) |
|Technology advance | |
|Chapter – 9 |
|Business Cycles, Unemployment, and Inflation |
|The Business Cycle | |
|Cycles or fluctuations | |
| |
| |axzz28dsY14Xa |
|Unemployment | |
|Measurement of Unemployment |( Introduction; Definitions types and theories; Cyclical; Frictional; |
|Types of Unemployment |Structural; |
|Frictional |Measurement; |
|Structural |Full employment; ) |
|Cyclical |
|Full employment |axzz28dsY14Xa |
|Economic Cost of Unemployment | |
|GDP Gap and Okun’s law | |
|Inflation | |
|Meaning of inflation |Inflation; types; measurement |
|Measurement of inflation | |
|Types of inflation | |
|Demand-pull inflation | |
|Cost-push inflation | |
|Core inflation | |
|Redistribution Effects of Inflation |(economics) |
|Nominal and Real Income |
| |=0CCIQFjAA&url=http%3A%2F%2F%2Fcms%2Flib2%2FTX01001414%2F|
| |Centricity%2FDomain%2F2983%2FWho_is_hurt_and_who_is_helped_by_inflation.pp|
| |t&ei=lz9yUM_qM4j69gS9oYHoAw&usg=AFQjCNFm1Fx14p7fCzDqswzF4ji5mV24ow&sig2=56|
| |YbU5_AH-bK1letCnjEaw |
|Does Inflation affect output | |
|Cost-push inflation and real output | |
|Demand-pull inflation and real output | (Introduction) |
|Hyperinflation | |
|Chapter - 10 |
|Basic Macroeconomic Relationships |
|The Income-Consumption and Income-Saving Relationships |
|The consumption schedule |me+Saving+Relationship |
|The saving schedule |
|Average and Marginal propensities |dule |
|APC and APS | |
| | |
| |
|MPC and MPS |ty%20to%20save |
| | |
| | |
| |
|MPC and MPS as Slopes |ine |
| | |
| |
| |me+Saving+Relationship |
| | |
| | |
| | |
|Non-income Determinants of consumption and | |
|Saving | |
|Wealth (Wealth effect) | |
|The interest-Rate-Investment Relationship |
|Expected rate of return |Relationship |
|Real interest rate | |
|Investment demand curve | |
| | |
| |
| |curve |
|The Multiplier Effect | |
|The multiplier and the marginal propensities |
|Chapter – 11 |
|The Aggregate Expenditures Model |
|Assumptions and Simplifications | |
|Consumption and Investment schedules | |
|Equilibrium GDP: | |
|Aggregate Expenditure | |
|Aggregate Demand | |
|Other Features of Equilibrium GDP | |
|Equilibrium versus Full-Employment GDP | |
|Recessionary Expenditure Gap | |
|Inflationary Expenditure Gap | |
|Chapter – 12 |
|Aggregate Demand and Aggregate Supply |
|Aggregate Demand | |
|Aggregate Demand Curve |
|Real-balances effect |urve |
|Interest-rate effect | |
|Foreign purchases effect | |
|Changes in Aggregate Demand | |
|Consumer spending | |
|Consumer wealth | |
|Household borrowing |(finance)#Consumer_credit |
|Consumer Expectations | |
|Personal taxes | |
| |(Introduction) |
|Investment Spending |
| |t.html |
|Government Spending | |
| |(Introduction) |
|Net Export Spending | |
| |
| |inants |
|Aggregate supply | |
|Aggregate supply in the immediate Short Run | |
|Aggregate supply in the short run | |
|Aggregate supply in the long run | |
|Equilibrium and changes in Equilibrium | |
|Increases in AD: Demand-Pull Inflation |
|Decreases in AD: Recession and cyclical unemployment |upply_model |
|Decrease in AS: Cost-push inflation | |
|Increase in AS: Full employment with price-level stability | |
|Chapter 13 |
|Fiscal Policy, Deficits, and Debt |
|Fiscal Policy and the AD-AS Model | (Introduction)|
|Expansionary Fiscal Policy | |
|Contractionary Fiscal Policy |
| |l+policy |
| |
| |cal+policy |
|Built-in Stability | |
|Automatic or Built-In Stabilizers | (Introduction) |
|Tax-progressivity | (Introduction) |
| | (Introduction) |
|Evaluating Fiscal Policy |
|Cyclically adjusted budget |lPolicy.pdf |
|Cyclical deficit | |
| Crowding-Out Effect |(economics) |
|The U.S. Public Debt | |
|Ownership | (You can check the |
|Public held debt: International comparison |current size of public debt) |
| | |
|Substantiative Issues | |
|Crowding effect revisited | |
|All about fiscal policy |
| |tml |
|Chapter – 14 |
|Money, Banking, and Financial Institutions |
|The Functions of Money | |
|Medium of exchange | (Liquidity Definition) |
|Unit of account | |
|Store of value | |
|Liquidity | |
|The components of money supply | |
| |(Introduction, Definition, Empirical measures, United States) |
| | |
| | |
|The federal reserve and the banking system | (Introduction) |
| | |
| | (Introduction) |
| | |
| | |
|The financial crisis of 2007 and 2008 | |
|The mortgage default crisis |
|Subprime mortgage loans |oans_and_lending.2Fborrowing_practices |
|Mortgage-backed securities | |
|Securitization | (Introduction) |
|Failures and Near-failures of Financial Firms | |
|The treasury bailout: TRAP | (introduction)|
| | |
| |(Introduction) |
| | |
| | |
|The fed’s Lender-of-last-resort Activities | |
| | |
|Primary dealer credit facility |(Introduction) |
| |
| |-mmiff.asp |
| | |
| |(Introduction) |
|The Post-crisis U.S. Financial Services Industry | |
|Financial Services industry | |
|Chapter – 15 |
|Money Creation |
|The Fractional Reserve System | (Introduction) |
|A single Commercial Bank | |
|Balance sheet | |
| | (Introduction) |
| | (Introduction) |
|Money-creating transactions of a commercial bank | |
|The Banking system: Multiple deposit Expansion | |
|Monetary Multiplier | |
| |
| |,articleId-9747.html |
|For complete Chapter |
| |samplech11.pdf |
|Chapter - 16 |
|Interest Rates and Monetary Policy |
|Interest Rates | (Introduction) |
|The demand for money | |
| | |
| |(Introduction) (Demand motive; Asset motive) |
| |
|The equilibrium Interest rate | |
|Interest rates and Bond prices | |
|Tools of Monetary Policy |
|Open market operation |ions |
|Reserve requirement | |
|Discount rate | |
|Term auction facility | |
| | |
| |
| |ary+policy |
| | |
| |
| |xnGDF |
|Cyclical asymmetry and the liquidity trap | |
| | |
|Chapter – 17 |
|Financial Economics |
|Financial Investment | |
| | |
|Present value | |
|Compound Interest | (Introduction) |
|The Present value model |
|Deferred compensation |icArticleId-9789,articleId-9788.html |
| | |
|Some Popular Investments | (Introduction, Shares, types of stocks)|
|Stocks | (Introduction) |
|Bankrupt; limited liability rule; Capital gain; | (Introduction) |
|Dividend | (Introduction) |
| | (Introduction) |
| |(finance) |
| | (Introduction) |
| | (Introduction) |
| | (Introduction) |
|Bonds | |
|Mutual Funds | |
|Index funds; actively managed funds; | |
|passively managed funds | |
| | |
|Arbitrage | (Introduction) |
|Risk | (Introduction) |
|Diversification | |
| |(finance) (Introduction) |
|Systemic risk | (Systemic risk and |
| |diversification) |
|Average rate of return | |
|Weighted mean | (Introduction) |
| |(finance) (Introduction and definition) |
|Beta | |
| | |
|Risk free interest rate | |
|The security market line | |
|Chapter 17 Vocabulary |
| |ash-cards/ |
|Chapter – 18 |
|Extending the Analysis of Aggregate Supply |
|From Short Run to Long Run | |
|Short-Run Aggregate Supply | |
|Long-Run Aggregate Supply |
| |egate+Supply |
| |
|Applying the Extended AD-AS Model |
| |odel |
|The inflation-unemployment relationship | |
|The Phillips curve |(Introduction; Stagflation; NAIRU and rational expectations; The Phillips |
|Aggregate supply shocks and the Phillips curve |curve today; Gordon’s triangle model; demand pull or short-term Phillips |
|Stagflation |curve inflation; cost push or supply shocks) |
|The Long-run Phillips curve | |
|Taxation and Aggregate Supply | |
|Chapter – 20 |
|International Trade |
|International trade | (Introduction) |
|Some key trade facts | |
|Countries by amount exported |
|The International Economy |nternational+economy |
|Comparative Advantage | |
|Analysis of Exports and Imports |
|Trade Barriers |xports+and+imports |
|The Cases for Protection | |
| | |
|Trade Barriers and Export Subsidies | |
|Tariffs |(Introduction) |
|Revenue tariff | |
|Protective tariff |
|Import quota |l |
|Nontariff barrier | (Introduction) |
|Voluntary export restriction(VER) | (Introduction) |
|Export subsidy | (introduction) |
|Effects | (Introduction) |
|The Case for Protection: A critical Review |(pricing_policy) |
|Protection-against-Dumping Argument | |
|Multilateral Trade Agreements and Free-Trade Zones |
|General Agreement on Tariffs and Trade(GATT) |e |
|World Trade Organization (WTO) | |
|European Union |(Introduction) |
|North American Free Trade Agreement | (Introduction) |
|Trade Adjustment Assistance | |
|Offshoring jobs | |
| |(Introduction) |
| | (Introduction) |
| | (Introduction) |
|Chapter – 21 |
|The Balance of Payments, Exchange Rates, and Trade Deficits |
|International Financial Transactions | (Introduction; Payment |
|The balance of Payments |surplus) |
|Current Account | (Introduction) |
| | (Introduction; capital |
| |account in macroeconomics) |
|Capital Account and Financial Account |
| |ts |
|Exchange reserves | (Introduction; |
| |Changes in reserves) |
|Flexible Exchange Rates | |
|Floating |(Introduction) |
| | (Introduction) |
| | |
|Depreciation and Appreciation |
| |l |
| |
| |nge_rates |
| | (Introduction) |
|Determinants of exchange rates |
|Speculation |_rates#4.6.6_Advantages_and_Disadvantages_of_Fixed_.26_Floating_Rates |
| |(Adv and Disadvantages of flexible exchange rates) |
| | |
| |(Introduction) |
|Fixed exchange rates | |
| |
|Reserves |cy |
| | |
|Trade policy | |
| | |
|Exchange controls and rationing | |
|The Current Exchange Rate System: The managed float |
| |xchange+rate |
|Recent U.S. trade deficits | |
| | |
|Implications | |
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