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LITERATURE Flashcards

8259252435	Protagonist	The central character of a narrative, the character through whom the lesson of the story is learned.	0
8259361035	George Orwell	1984	1
8259252436	Simile	A comparison of two items using "like" or "as."	2
8259375261	F. Scott Fitzgerald	The Great Gatsby	3
8259252437	Point of View	The vantage point from which a story is told (first and third person).	4
8259394132	J. D. Salinger	The Catcher in the Rye	5
8259252438	Connotation	Another significant meaning of a word, often steeped in symbol or feeling.	6
8259403977	Jane Austen	Pride and Prejudice	7
8259252439	Characterization	The manner by which an author develops a character within a narrative.	8
8259415553	Mark Twain	Adventure of Huckleberry Finn	9
8259252440	Dialogue	The spoken words of two or more character within a narrative.	10
8259436285	Leo Tolstoy	Anna Karenina	11
8259252441	Imagery	The picture in your mind that the words from the page create; can be figurative, symbolic, or literal.	12
8259444539	Charlotte Bronte	Jane Eyre	13
8259252442	Situational Irony	An EVENT where the opposite of what's expected happens.	14
8259462355	Herman Melville	Moby Dick	15
8259252443	Dramatic Irony	When the reader or audience knows something a character does not know, and that knowledge in important to the flow of events.	16
8259471805	William Shakespeare	Hamlet	17
8259252444	Ego	Represents and enforces principle reality. Oriented towards perceptions in the real world and associated with reason and sanity.	18
8259477172	Homer	The Iliad	19
8259252445	Historical Fiction	A narrative which tells the story of a real moment in history but embellishes it at least slightly (factual, dated).	20
8259484753	Gabriel Garcia Marquez	One Hundred Years of Solitude	21
8259252446	Theme	The main idea of a work of literature; the message is the author sending to the reader.	22
8259492045	Gustave Flaubert	Madame Bovary	23
8259252447	Paradigm	A set of assumptions, concepts, values, and practices that constitutes a way of viewing reality for the community that shares them, especially in an intellectual discipline.	24
8259499663	Fyodor Dostoyevsky	Crime and Punishment	25
8259252448	Dialect	A regional variety of language, often with distinct accents and usage, including but not limited to whole phrases.	26
8259511396	Emily Brontë	Wuthering Heights	27
8259252449	Oedipus Complex	A psychological aspect where a child, usually male, has strong, even desirous feelings for the parent of the opposite sex.	28
8259527647	Virginia Woolf	To the Lighthouse	29
8259252450	Denotation	The EXPLICIT meaning of a word or a particular meaning of a symbol.	30
8259533799	Charles Dickens	Great Expectations	31
8259252451	Allusion	A reference to another work of literature or to a part of another work of literature or to a moment in history.	32
8259556701	Geoffrey Chaucer	The Canterbury Tales	33
8259252452	Conflict	The struggle between two opposing forces in a piece of literature, which the story is built around- The forces are the protagonist and the antagonist.	34
8259577931	Charles Dickens	A Tale of Two Cities	35
8259252453	Setting	The time and the place of the action of the story.	36
8259584676	Ernest Hemingway	The Old Man and the Sea	37
8259252454	Catharsis	The releasing of certain emotions in the audience: a feeling of pity and hatred for the actions of the tragic hero.	38
8259593676	John Steinbeck	East of Eden	39
8259252455	Act	A division within the drama, usually seen as the "chapter" of a novel.	40
8259604155	Ernest Hemingway	For Whom the Bell Tolls	41
8259252456	Autobiography	A truthful account of the life of a person, as told and written by that person.	42
8259618976	Harper Lee	To Kill a Mockingbird	43
8259252457	Tone	The attitude the author has toward the work, displayed through the language being used.	44
8259627139	John Steinbeck	The Grapes of Wrath	45
8259252458	Colloquialism	A local variation of language, as in a word or phrase, found within particular dialects.	46
8259637913	Joseph Heller	Catch 22	47
8259252459	Paradox	A seemingly contradictory statement that may nonetheless be true.	48
8259645749	James Joyce	Ulysses	49
8259252460	Dynamic Character	A character who undergoes growth and development during the literary work in which he/she resides.	50
8259654261	William Faulkner	The Sound and the Fury	51
8259252461	Static Character	A character of one dimension and personality trait who remains unchanged by the events of the literary work in which he/she resides.	52
8259662236	Miguel de Cervantes	Don Quixote	53
8259252462	Biography	A truthful account of the life a person, told and written by another person.	54
8259676141	Leo Tolstoy	War and Peace	55
8259252463	Scene	A small division of drama within an act, usually of the same setting as the act, but not by definition.	56
8259683895	Charles Dickens	David Copperfield	57
8259252464	Stereotype	A conventional and oversimplified opinion or belief about a person or group of people who may share similar characteristics; taking one characteristic of an individual and spreading that characteristic over the group that individual belongs to.	58
8259700270	William Golding	Lord of the Flies	59
8259252465	Virtue	The quality of moral excellence, righteousness, and responsibility, probity; goodness.	60
8259705782	Toni Morrison	Beloved	61
8259252466	Vice	An evil, degrading or immoral practice of habit; a serious moral failing.	62
8259717414	Lewis Carroll	Alice in Wonderland	63
8259252467	Complex Character	A character w/ different traits and aspects of personality but who neither grows nor changes during the literary work in which he resides.	64
8259726220	Aldous Huxley	Brave New World	65
8259252468	Superego	The part of the personality which acts as a moral monitor to the behaviors of the individual. It is the faculty that seeks to police what it deems unacceptable desires; it represent all moral restrictions.	66
8259733345	Nathaniel Hawthorne	The Scarlet Letter A	67
8259252469	Direct Quotation	Using the words of a source directly.	68
8259741221	John Steinbeck	Of Mice and Men	69
8259252470	Plot	The events which make up a story line.	70
8259768254	William Shakespeare	Macbeth	71
8259747023	Jonathan Swift	Gulliver's Travel	72
8259774633	William Shakespeare	Romeo and Juliet	73
8259252471	Style	The language used by the writer, as well as the narrative techniques used, working together to form the full aspect of the printed material in front of us.	74
8259782762	William Shakespeare	Othello	75
8259252472	Omniscient	The third person narrator who sees all and know all -even the thoughts- about the character of the story.	76
8259789401	William Shakespeare	A Midsummer Night's Dream	77
8259252473	Nemesis	That force which restores order within a tragedy, named for the goddess of retributive justice.	78
8259794870	William Shakespeare	King Lear	79
8259252474	Metaphor	A comparison of unlike things without using 'like' or 'as.'	80
8259802487	William Shakespeare	Julius Caesar	81
8259252475	Irony	A contrast between what is stated and what is meant; there are verbal irony, situational irony, and dramatic irony.	82
8259835361	Arthur Miller	The Crucible	83
8259826768	Thornton Wilder	Our Town	84
8259814550	Tennessee William	A Streetcar Named Desire	85
8259252476	Foreshadow	To use details and images to hint at events to come in the narrative.	86
8259855666	Lin-Manuel Miranda	Hamilton	87
8259252477	Analysis	The separation of an intellectual whole into its component parts in order to better understand and to reach a truth.	88
8259873628	Marcel Proust	In Search of Lost Time	89
8259252478	Indirect Quotation	Using the words of the author, though not in a direct, word-for-word borrowing.	90
8259896961	Anton Chekhov	The Stories of Anton Chekhov	91
8259252479	Paraphrase	To put the words of the author into your own words.	92
8259966856	John Bunyan	Pilgrim's Progress	93
8259252480	Novella	A prose fictional narrative containing all the elements of a novel but much shorter.	94
8259975125	Daniel Defoe	Robinson Crusoe	95
8259252481	Tragic Hero	A person of noble birth whose personal destruction is in some way involved w/ the well being of his/her world and who faces a battle of morals; her/his destruction comes from a flaw with his/her personality.	96
8259983680	Samuel Richardson	Clarissa	97
8259252482	Insight	The act of outcome of grasping the inward or hidden nature of things which in turn tells the grasper a significant message about herself/himself; makes the learning personal, owned.	98
8259998936	Jane Austen	Emma	99
8259252483	Stream-of-consciousness	The unbroken flow of thought and awareness of the waking mind; a special mode of narration that undertakes to capture the full spectrum and the continuous flow of a character's mental processes.	100
8260005634	Mary Shelley	Frankenstein	101
8259252484	Rhetoric	The body of principles and theory having to do with the presentation of the facts and ideas in clear, convincing, and attractive language.	102
8260015817	William Makepeace Thackeray	Vanity Fair	103
8259252485	Ad hominem	Appealing to persona considerations rather than to logic or reason.	104
8260025149	Wilkie Collins	The Woman in White	105
8259252486	A priori	Involving deductive reasoning from a general principle to a necessary effect; not supported by facts.	106
8260033825	Louisa M. Alcott	Little Women	107
8259252487	Purple patch	A selection of writing which contains an unusual piling up devices in such a way as to evidence a self-conscious literary effort; a colorful passage standing out from the writing around it.	108
8260042782	Robert Louis Stevenson	The Strange Case of Dr Jekyll and Mr Hyde	109
8259252488	Euphemism	The act or an example of substituting a mild, indirect, or vague term for one considered harsh, blunt, or offensive.	110
8260050864	Jack London	The Call of the Wild	111
8259252489	Apostrophe	When an absent person, an abstract concept, or an important object is directly addressed.	112
8260067413	E. B. White	Charlotte's Web	113
8259252490	Dichotomy	Division into two usually contradictory parts or opinions.	114
8260092507	J. R. R. Tolkien	The Lord Of The Rings	115
8259252491	Tragedy	A literary work, usually a drama, which deals with human themes; several elements are involved: hamartia, hubris, catharsis, nemesis; in a tragedy, a hero will fall due to elements within the personality.	116
8260100053	Jack Kerouac	On the Road	117
8259252492	Hubris	Excessive pride, especially found within the tragic hero.	118
8259252493	Local color	The interests or flavor of a specific locality as expressed in a story through language.	119
8259252494	Narrative	The story of a fictional or actual events as told by the teller.	120
8259252495	Naturalism	A factual representation, conforming to nature, especially in art and literature.	121
8259252496	Realism	A truthful representation, with an inclination toward pragmatism, that is accurate to life's xpression.	122
8259252497	Short Story	A fictional prose, dealing essentially with a single conflict, which can be read in a single session.	123
8259252498	Pleasure Principle	The concept that pleasure is the only thing that matters and any manner of attaining it is fine; often this is the role of the Id, the earliest part of the developing personality.	124
8259252499	Reality Principle	The function which monitors the Id; the concept that some things are more important than immediate pleasure, namely, the continuation of pleasure after the initial gaining of it.	125
8259252500	Denouement	The point in the story after the conflict is resolved.	126
8259252501	Drama	A full-length work of fiction that is written in dialogue, meant to be performed upon a stage.	127
8259252502	Flashback	Stopping the flow of the narrative to return to a setting or even earlier in the tale, even to events that predate the earliest part of the plot.	128
8259252503	Hamartia	The tragic flaw of a tragic hero; that which will make the hero fall; this needs to be a trait that is generally considered a good thing.	129
8259252504	Description	The words the author uses to fully detail a place or thing; these words will bring pictures to the mind.	130
8259252505	Symbol	Something which stands for and represents itself but also stands for something much greater than itself.	131
8259252506	Climax	The point in the story when the conflict is resolved- where we know who wins this conflict, the protagonist or the antagonist.	132
8259252507	Novel	A full-length prose fiction where the narrative is the chief story-telling element and several conflicts, settings, and characters will dwell.	133
8259252508	Parallelism	A structural arrangement of parts of a sentence, sentences, paragraphs, and larger units of composition by which one element of equal importance with another is similarly developed and phrased.	134
8259252509	Pathetic Fallacy	False emotionalism in writing resulting in a too impassioned description of nature; it is the carrying over to inanimate objects the moods and passions of a human being.	135
8259252510	Histrionics	A deliberate display of emotion for effect.	136
8259252511	Hagiography	A biography that idealizes or idolizes the person (especially a person who is a saint).	137
8259252512	Idiomatic	Of or pertaining to, or conforming to, the mode of expression peculiar to a language.	138
8259252513	Metonymy	Substituting a word for another word closely associated with it.	139

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Ap Flashcards

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10935915479	Implasyon	Pagtaas ng presyo	0
10935915480	Headline inflation	Antas ng oagbabago ng CPI	1
10935915481	Core inflation	Antas ng oagbabago ng CPI ngunit di kbilang sa market basket	2
10935915482	Cost-pust inflation	Supply shock. Hilaw n materyales (dhilan ng implasyon)	3
10935915549	Structural inflation	Ipasa ng prodyuser sa produkto ang pagtaas ng presyo (dhilan ng implasyon)	4
10935915550	Nominal	Apektado kumikita ng N or R	5
10935915551	Flexible income, nangungutang	Hindi apektado ng implasyon	6
10935915552	Fixed income, nag iimpok, nagpapautang	Apektado ng implasyon	7
10935915764	Market basket	Pangunahing produkto sa pang araw araw	8
10935915765	Deplasyon	Pagbaba ng halaga ng bilihin	9
10935915766	Makalikom ng rentas, kontrolin ang gawain	Layunin ng pamahalaan sa pangongolekta ng buwis	10
10935915767	Kawanihan ng rentas internas	Ahensyang inatasan na magtipon ng lhat ng buwis	11
10935915768	Capital gains tax	Capital asset	12
10935915639	Current operation expenditures	Binyaran sa taong piskal (kategorya sa paggastos)	13
10935915640	Capital outlays	Gastos na lalagpas sa kasalukuyang taong piskal (kategorya sa paggastos)	14
10935915641	Budget accountability	Pinapairal ng pamhalaan sa mga ahensiya	15
10935915642	Transaction motive	Gmitin pra byaran ang kasalukuyang pangangailngan (dahilang pra mngailangan ng pera)	16
10935915643	Security motive	Bigalaang transaksyon (dahilang pra mngailangan ng pera)	17
10935915694	Documentary stamp tax	Kasulatan na nagpapakita ng pagtanggap, pagssalin katungkulan etc	18
10935915695	Donor's tax	Donasyon	19
10935917513	Excise tax	Produksiyon, benta at konsumo	20
10935917514	Progresibo	Buwis tumataas ayon sa pagtaas ng kita (mauuri ang buwis)	21
10935917515	Regresibo	Buwis bumababa habng tumataas kita (mauuri ang buwis)	22
10935917516	Proporsyonado	Antas ng buwis ay nananatili anuman ang hlga ng kita (mauuri ang buwis)	23
10935917517	Fiscal adequacy	Para sa pambulikong gawain (prinsipyo)	24
10935917518	Theoretical justice	Kkyhan ng mmmayan na magbyad (prinsipyo)	25
10935917519	Administrative feasibility	Kkyhan ng pamahalaan n kolektahin ang buwis (prinsipyo)	26
10935917520	Oliver wendell holmes jr.	"Ang buwis ang ating kabayaran para sa isang sibilisadong lipunan."	27
10935917521	Automatic stabilizers	Tumutugon sa pagtaas o pagbaba ng ekonomiya	28
10935917522	Pambansang badyet	Taunang alokasyon	29
10935915696	Estate tax	Paglipat ari arian yumao	30
10935915697	Income tax	Kita ng indibidwal	31
10935915698	Percentage tax	Nagbebenta ng 750 sa loob ng 1 taon	32
10935915699	Vat	Pagbenta, pagbili	33
10935915700	Withholding tax	...	34
10935915644	Speculation motive	Hal. Yaman (dahilang pra mngailangan ng pera)	35
10935915645	Medium of exchange	Tanggap bilang pambyad (gmit ng pera)	36
10935915646	Unit of account	Presyo binabase (gmit ng pera)	37
10935915647	Store of value	Kkyhang ipambili ay di mawawala (gmit ng pera)	38
10935915648	Katibypayan, madaling dalhin, maaring hatiin ang halaga, parehas n kalidad, low opportunity cost, matatag na halaga	Katangaian ng pera 6	39
10935915649	Floating exchange rate	Pamilihan nagttakda ng exchange rate. Sistema	40
10935915650	Lender of last resort	Tungkulin ng bsp	41
10935915651	Short term loan	Nagpplaki sa reserba sa bangko	42

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AP World History Governments Flashcards

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9973309787	Anarchy	a condition of lawlessness or political disorder brought about by the absence of governmental authority	0
9973309788	Commonwealth	a nation, state, or other political entity founded on law and united by the compact of the people for the common good	1
9973309789	Communism	a system of government in which the state plans and controls the economy and a single - often authoritarian - party hold power; state controls are imposed with elimination of private ownership of property or capital while claiming to make progress toward a higher social order in which all goods are equally shared by the people (i.e., a classless society)	2
9973309790	Confederacy (Confederation)	a union by compact or treaty between states, provinces, or territories, that creates a central government with limited powers; the constituent entities retain supreme authority over all matter except those delegated to the central government	3
9973309791	Constitutional	a government by or operating under an authoritative document (constitution) that sets forth the system of fundamental laws and principles that determines the nature, functions, and limits of that government	4
9973309792	Constitutional Democracy	a form of government in which the sovereign power of the people is spelled out in a governing constitution	5
9973309793	Constitutional Monarchy	a system of government in which a monarch is guided by a constitution whereby their rights, duties, and responsibilities are spelled out in written law or by custom	6
9973309794	Democracy	a form of government in which the supreme power rests in the body of citizens entitled to vote for officers and representatives responsible to them	7
9973309795	Democratic Republic	a state in which the supreme power rests in the body of citizens entitled to vote for officers and representatives responsible to them	8
9973309796	Dictatorship	a form of government in which a ruler of small clique wield absolute power (not restricted by a constitution or laws). Also, a system in which the citizens do no possess the right to choose their leaders	9
9973309797	Ecclesiastical	a government administrated by a church	10
9973309798	Empire	a major political unit having a territory of great extent or a number of territories of peoples under a single sovereign authority; ESPECIALLY; one having an emperor as chief of state	11
9973309799	Federal (Federative)	a form of government in which sovereign power is formally divided - usually by mean of constitution - between a central authority and a number of constituent regions (states, colonies, or provinces) so that each region retains some management of its internal affairs; differs from a confederacy in that the central government exerts influence directly upon both individuals as well as upon the regional units	12
9973309800	Federal Republic	a state in which the powers of the central government are restricted and in which the component parts (states, colonies, or provinces) retain a degree of self-government; ultimate sovereign power rests with the voters who chose their governmental representatives	13
9973309801	Maosim	the theory and practice of Marxism-Leninism developed in China by Mao Zedong (Mao Tse-tung), which states that continuous revolution is necessary if the leaders of a communist state are to keep in touch with the people	14
9973309802	Marxism	the political, economic, and social principles espoused by 19th century economist Karl Marx; he viewed the struggle of workers as a progression of historical forces that would be proceed from a class struggle of the proletariat (workers) exploited by capitalists (business owners), to a socialist "dictatorship of the proletariat," to, finally, a classless society - communism	15
9973309803	Marxism-Leninism	an expanded form of communism developed by Lenin from doctrines of Karl Marx; Lenin saw imperialism as the final stage of capitalism and shifted the focus of workers' struggle from developed to underdeveloped countries	16
9973309804	Monarchy	a government in which the supreme power is lodged in the hands of a monarch who reigns over a state or territory, usually for life and by hereditary right; the monarch may be either a sole absolute ruler or a sovereign - such as a king, queen, or prince - with constitutionally limited authority	17
9973309805	Oligarchy	a government in which control is exercised by a small group of individuals whose authority generally is based of wealth or power	18
9973309806	Parliamentary Democracy	a political system in which the legislature (parliament) selects the government - a prime minister, premier, or chancellor along with the cabinet ministers - according to party strength as expressed in elections; by this system, the government acquires a dual responsibility: to the people as well as to the parliament	19
9973309807	Parliamentary Government (Cabinet-Parliamentary Government)	a government in which members of an executive branch (the cabinet and its leader - a prime minister, premier, or chancellor) are nominated to their positions by a legislature or parliament, and are directly responsible to it; this type of government can be dissolved at will by the parliament (legislature) by means of a no confidence vote or the leader of the cabinet may dissolve the parliament if it can no longer function	20
9973309808	Parliamentary Monarchy	a state headed by a monarch who is not actively involved in policy formation or implementation (i.e., the exercise of sovereign powers by a monarch in a ceremonial capacity); true governmental leadership is carried out by a cabinet and its head - a prime minister, premier, or chancellor - who are drawn from legislature (parliament)	21
9973309809	Republic	a representative democracy in which the people's elected deputies (representatives) , not the people themselves, vote on legislation	22
9973309810	State	a politically organized body of people usually occupying a definite territory; ESPECIALLY: one that is sovereign	23
9973309811	Socialism	a government in which the means of planning, producing, and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and labor; in actuality, most socialist governments have ended up being no more than dictatorships over workers by a ruling elite	24
9973309812	Sultanate	similar to a monarchy, but a government in which the supreme power is in the hands of a sultan (the head of a Muslim state); the sultan may be an absolute ruler or a sovereign with constitutionally limited authority	25
9973309813	Theocracy	a form of government in which a Deity is recognized as the supreme civil ruler, but the Deity's laws are interpreted by ecclesiastical authorities (bishops, mullahs, etc.); a government subject to religious authority	26
9973309814	Totalitarian	a government that seeks to subordinate the individual to the state by controlling not only all political and economic matters, but also the attitudes, values, and beliefs of its population	27

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AP Macroeconomics Unit 3 Flashcards

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13996816046	Aggregate	"Added all together" We combine all prices and all quantities	0
13996816047	Aggregate Demand	All the goods and services (real GDP) that buyers are willing and able to purchase at different price levels	1
13996816048	The Wealth Effect	Higher price levels reduce the purchasing power of money and decreases the quantity of expenditures and vice versa	2
13996816051	What definitely doesn't shift the AD curve?	Price	3
13996816052	Shifters of Aggregate Demand	C + I + G + Xn	4
13996816053	Shifter: Change in Consumer Spending	-Increase in disposable income -Consumer expectations -Household indebtedness -Taxes	5
13996816054	AD Shifter: Change in Investment Spending	-Real interest rates (prices of borrowing money) -Future business expectations -Technology	6
13996816055	AD Shifter: Change in Government Spending	Government expenditures	7
13996816056	AD Shifter: Net Exports	-Exchange rates -National income compared to abroad	8
13996816057	Aggregate Supply	The amount of goods and services (real GDP) that firms will produce in an economy at different price levels	9
13996816058	Short Run Aggregate Supply	Wages and resource prices will not increase as price levels increase Curved/upwards sloping	10
13996816059	Long Run Aggregate Supply	Wages and resource prices will increase as price levels increase Straight line Producing at full employment	11
13996816060	Shifters in Aggregate Supply	R A P	12
13996816061	AS Shifter: Change in Resource Prices	-Prices of domestic and imported resources -Supply shock -Inflationary expectations	13
13996816062	AS Shifter: Change in Actions of the Government	-Taxes on producers -Subsides for domestic products -Government regulations	14
13996816063	AS Shifter: Change in Productivity	-Technology -Labor (more skilled workforce, etc.)	15
13996816064	Inflationary Gap	In the long run, wages increase and SRAS decreases Output is high and unemployment is less than the NRU	16
13996816065	Recessionary Gap	In the long run, wages decrease and SRAS increases Output is low and unemployment is more than NRU	17
13996816066	Stagflation	Stagnate economy and inflation	18
13996816067	Capital Stock	Machinery and tools purchased by businesses that increase their output Only investment causes growth since firms increase their capital stock	19
13996816068	Classical Theory	1. A change in AD will not change output even in the short run because prices of resources (wages) are very flexible 2. AS is vertical so AD can't increase without causing inflation No government involvement needed (will make prices go up) Recessions caused by a fall in AD are temporary Graph is vertical at physical capacity	20
13996816069	Keynesian Theory	1. A decrease in AD will lead to a persistent recession because prices of resources (wages) are NOT flexible 2. Increase in AD during recession doesn't cause inflation "Sticky wages" prevent wages from falling Government can increase spending to close the gap Graph is horizontal at low output	21
13996816070	The Phillips Curve shows the trade off between...	Inflation and unemployment	22
13996816071	What is the relationship between unemployment and inflation?	Inverse	23
13996816072	What happens when AS falls causing stagflation?	Increase in unemployment and inflation	24
13996816073	What happens to the SRPC if AD shifts?	AD increase, move up SRPC AD decrease, move down SRPC	25
13996816074	If GDP increases what happens to unemployment?	Decreases	26
13996816075	If GDP decreases what happens to unemployment?	Increases	27
13996816077	Disposable Income	Income after taxes	28
13996816078	Dissaving	If incomes are less than autonomous spending	29
13996816079	How does the government stabilize the economy?	1. Fiscal Policy: Actions taken by congress to stabilize the economy 2. Monetary Policy: Actions by the Federal Reserve Bank to stabilize the economy	30
13996816080	Contractionary Fiscal Policy	(BRAKE) Laws that reduce inflation, decrease GDP (close inflationary gap) Decrease government spending Increase Taxes	31
13996816081	Expansionary Fiscal Policy	(GAS) Laws that reduce unemployment, increase GDP (close recessionary gap) Increase government spending Decrease taxes	32
13996816082	Discretionary Fiscal Policy	Congress creates a new bill that is designed to change AD through government spending or taxation Problem = time lags/takes time Ex. Congress increasing spending	33
13996816083	Non-Discretionary Fiscal Policy	Legislation that acts counter cyclically without explicit action by policy makers Automatic stabilizers Permanent spending or taxation laws enacted to work counter cyclically to stabilize the economy Ex. welfare, unemployment, minimum wage Ex. When high unemployment, the unemployment benefits is paid to citizens to increase consumer spending	34
13996816085	Multiplier Effect	Shows how spending is magnified in the economy If they save a lot, spending and AD will increase a little If they save a little, spending and AD will increase a lot	35
13996816086	Marginal Propensity to Consume (MPC)	How much people consume rather than save when there is a change in income (change in consumption)/(change in income)	36
13996816087	Marginal Propensity to Save (MPS)	How much people save rather than consume when there is a change income (change in savings)/(change in income)	37
13996816088	MPC + MPS =	1	38
13996816089	Total change in GDP for Government Spending =	Multiplier (Ms) x Initial change in Spending	39
13996816090	Spending Multiplier =	(1/MPS)	40
13996816091	Does changing taxes have a greater or lesser of an I'm pact than government spending?	Lesser	41
13996816092	Simple Tax Multiplier =	Spending Multiplier (Ms) - 1	42
13996816093	Total Change in GDP for Tax Changes =	Tax Multiplier (Mt) x Initial Change in Taxes	43
13996816095	Budget Deficit	When the government's expenditures exceeds its revenue	44
13996816096	National Debt	The accumulation of all the budget deficits over time If the government increases spending without increasing taxes they will increase the annual deficit and national debt	45
13996816097	Problems of Timing	1. Recognition Lag: Congress must react to economic indicators before its too late 2. Administrative Lag: Congress takes time to pass legislation 3. Operational Lag: Spending/planning takes time to organize and execute (changing taxing is quicker)	46
13996816098	Politically Motivated Policies	Politicians may use economically inappropriate policies to get reelected	47
13996816099	Crowding-Out Effect	Government spending may cause unintended effects that weaken the impact of the policy	48
13996816101	Supply Side Policies	Primarily based on idea that tax rates were too high, which affects incentives to work, save and invest Policy was to reduce marginal tax rates and encourage savings and investment to shift aggregate supply	49
13996816102	Reaganomics	Reagan proposed a phased 30% tax cut for the first three years of his presidency. The bulk of those tax cuts would be concentrated at the upper income levels His belief was that tax relief for the rich would enable them to spend and invest more, and that this new spending would stimulate the economy and create new jobs	50
13996816104	Phillips Curve	indicates a short-run inverse relationship between inflation and unemployment rates	51
13996816105	AD-AS model	the basic model used to understand fluctuations in aggregate output and the aggregate price level. It uses the aggregate supply curve and the aggregate demand curve together to analyze the behavior of the economy in response to shocks or government policy.	52
13996816106	Business cycle	Alternating periods of economic expansion and economic recession	53
13996816107	PPC curve	the potential total output combinations of any two goods for an economy given the available factors of production and the available production technology that firms use to turn their inputs into outputs	54