ECO exam 2

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Author:
xryan27x
ID:
140466
Filename:
ECO exam 2
Updated:
2012-03-08 01:36:37
Tags:
eco
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Description:
eco
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  1. deflation
    decrease in overall price

    price decrease=wage decrease
  2. cycle of short term ups and downs in the economy
    business cycle
  3. cash payments made by the govt to people who do not supply goods, services, or labr in exchange for these payments.
    Social Secuirty
    veterans
    welfare
    transfer payment
  4. increase in the value of an asset
    capital gain
  5. Go up easily, harder to bring down
    sticky prices
  6. GDP
    only new products
  7. How to calculate GDP
    • expenditure approach
    • income approach
  8. nautral rate of unemployment
    4-6%
  9. inflation
    increase in overall price

    milk
  10. one measure of overall price level
    GDP deflator
  11. nominal
    real-inflation
  12. bundle of products changes with every president
    CPI index
  13. fraction of change in income that is consumed or spent
    marginal propensity to consume MPC

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