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Economy

Concepts

Price X Demand

Inferior goods

Demand goes down as income goes up, and goes up as income goes down

Normal goods

Demand goes up as income goes up

Demand

Shifts according to external factors, while the price is held constant

Refers to the entire curve

Quantity demanded

Refers to a certain point on the curve

Production possibilities frontier (PPF)

Absolute advantage

Comparative advantage

Marginal cost

Measured in monetary terms (cost of additional production)

Applies to production

Opportunity cost

Measured in foregone benefits

Applies to everything

Giving up producing one good to produce more of another good

Constant OC

Decreasing OC

Increasing OC

Ceteris paribus

All things being equal

Types of economy

Mixed economy spectrum

Some state/government ownership of some aspects of the economy

Market economy

Competition

Incentives

Innovation

Inequality

Command economy

No competition

Utopian fairness

Factors of production

Technology

Entrepreneurship

Capital

Labor

Land

Statements

Normative

Can't be tested

Positive

Can be tested

Rivalry

If one gets the good, it makes it impossible for others to get or significantly affects the ability to get or use it simultaneuously (spectrum)

Scarcity

Free resource: don't give up anything to get (oxygen, sunlight)

Scarce resource: give up something to get

Laurence J Peter

"An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today."

Microeconomics

Individuals making decisions using scarce resources

Financial market

Commodities

Titles

Bond

Pension

Hedge

Mutual

Stock

Macroeconomics

World trade

Balance of trade

Value of exports X value of imports

Inflation Control

Debt and Credit Management

Geopolitical Influence and Economic Independence

Sustainable Economic Growth

Job Creation and Industry Support

Foreign Exchange Stability

Economic Stability

Flexible exchange rate

Determined by supply and demand

Foreign exchange market (Forex /FX)

Bretton Woods Conference

1971 Nixon ended the convertibility from Dollar to gold

Fixed exchange rate (Dollar pegged to gold at a $35 per ounce rate)

World Bank

IMF

Monetary policy: keep unemployment low and curb inflation

Less money in circulation

More money in circulation

Central bank

Issues bonds

Defines interest rates

Prints money

Determines the Required reserve ratio

Fiscal Policy: keep unemployment low and curb inflation

Expansionary

Increase spending

Lower taxes

Contractionary

Lower spending

Increase taxes

Unemployment

Seasonal

Cyclical

Structural

Frictional

Inflation and Deflation

GDP

Millions of actors interacting (aggregate view of interactions)