Economics
Macro Economics :
Aggregate Demand: Everything demanded
Economy Measurements
Consumer Price Index
GDP: he total value of goods produced and services provided in a country during one year.
C + I + G + NX: C=Consumer spending. I=Business investments G=Government spending, NX=Net exports
Unemployment
Business Cycle
Boom and Bust
Rescission
Un-rescission
Expansion
Contraction
Supply and Demand
Supply
Demand: Peoples desire to buy a thing. People will pay more for something with more demand
Markets
Shortage When there is not enough product for the price. The price is too low and everything gets sold.
Surplus: An amount of something left over when requirements have been met; an excess of production or supply over demand.
Micro Economics
Incentive
perverse Incentive
Marginal Utility: How useful the next item is
Diminishing Marginal Utility: As you consume more the satisfaction becomes less and less until its not worth it
Behavioral Economics
libertarian paternalism
Nudges: Small things that influence decisions
Choice Architecture: How choices are presented can and will influence your decisions.
Marginal Analysis: You judge each individual thing
Scarcity: A limited supply of things
Opportunity Cost: The value of the next best option
Factors of Production
Labor
Capital
Land
Natural Resources
People That Need to Build
Beginning Equipment
Unintended Consequence
Inferior Goods
Superior Goods
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Equilibrium: When the supply and demand crate the perfect price.
Price Floors: When the government controls how low a price can get.
Price Ceilings: When the government controls how low a price can get.
Complimentary Goods: Two or more goods that are bought together. Jelly and Bread
Supplementary Goods: Two or more goods that replace each other. Jelly and Honey
Keynes
Fico Score: How likely you are to pay off debt
Monetary Policy
Hayek
Expansive Policy During Contraction
Contractile Policy During Expansion
The Fed: The organization that controls Americas money.
Keep Unemployment Low
Keep Inflation Low
Dual Mandate
Reserve Requirement
Discount Rate
Open Market Options
Paying interest on Access Reserves
What Banks Pay For Loans
New Feature!
Buying Government securities
The Government Should Steer the Economy
Governments Should Not Steer Economy
Marginal Propensity To Consume
How likely someone is to spend their money
Unemployment
Inflation
Prices of Things Rise
People who want jobs not having jobs
Measures the prices of a lot of things to measure inflation
All of everything demanded