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Macroeconomic Terms
1. Comparative advantage
2. Absolute Advantage
3. Production Possibilities Frontier
4. Efficiency
5. Consumption
6. Disposable income
7. Gross Domestic product
8. Intermediate Sales
9. Final Sales
10. Transfer Payments
11. Consumer Price Index
12. Cyclical Unemployment
13. Structural Unemployment
14. Seasonal Unemployment
15. Frictional Unemployment
16. Inflation
17. Unemployment Rate
18. Aggregate Supply
19. Break-Even Point
20. Business Cycle
21. Consumption Function
22. Marginal Propensity to Consume
23. Marginal Propensity to Save
24. Multiplier
25. Recession
26. Expansion
27. Automatic Stabilizers
28. Crowding Out
29. Deficit
30. Input
31. Output
32. Fiscal Policy
33. Inflationary Gap
34. Phillips Trade-Off
35. Recessionary Gap
36. Stagflation
37. Surplus
38. currency
39. discount rate
40. excess reserves
41. Federal Reserve
42. Government Securities
43. M1
44. M2
45. Money
46. Money Multiplier
47. Open market Operations
48. Required Reserves
49. Reserve Requirement
50. Board of Governors of the
Federal Reserve
51. Capital
52. Economic Growth
53. Appreciation
54. Depreciation
55. Exchange Rate
56. Tariff
57. Quota
58. Import
59. Export
Formulas
1. GDP=C+I+G+X
2. GDP per capita= GDP/Population
3. CPI=Total Cost of Market Basket this period
Total cost of MB Base Period
x 100
4. Inflation Rate=CPI (this period) – CPI (previous period)
CPI (previous period)
5. GDP Deflator= (GDP/Real GDP) x 100
x100
6. Real GDP= (GDP/GDP Deflator) x 100
7. Unemployment Rate= # unemployed/civilian labor force
8. MPC=Change in Spending/Change in Income
9. MPS=Change in Savings/Change in Income
10. Multiplier= 1/MPS
11. Change in Real GDP=Initial Change in Spending x Multiplier
12. Money Multiplier= 1/reserve requirement
13. Change in Money Supply= Money Multiplier x Change in Bank Reserves
14. Change in Govt Spending=Diff. between Qf and Q (or Change in Real GDP)
Multiplier
Use this formula to calculate how much government needs to increase spending to close
a recessionary gap
15. Change in Govt Taxation= Diff. Between Qf and Q (or change in Real GDP)
MPC (multiplier)
Use this formula to calculate how much government needs to decrease taxation to close a
recessionary gap
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