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Economics

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Supply & Demand

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?PAGE ? ?PAGE ?1? Microeconomics Notes Test I Econ as a science Social science in which models or theories are used or aides in understanding & predicting behavior Goals Efficient use of limited (scarce) resources Maximum satisfaction of human wants Models predict & explain human behavior, but not perfect Principles of economics Models & Realism ? simplification of real world Only essential relationships are needed to analyze a specific problem Usefulness of a model ? Model I useful if it yields consistent predictions or explanations when real world data is applied Models of Behavior ? Models relate to the way people act using limited resources, not the way they think

Externalities

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Day 7 Spillover or Externality: When the price paid for a good does not cover ALL the costs of use (e.g. gasoline) (they don?t go away, they exist and always are there and are paid for one way or another) Costs thus ?spill over? to 3rd parties who then must pay (negative) Are OVERPRODUCED Supply shifts to the left -> Taxes, Lawsuits, Fines, Regulations Economic activity that produced external benefits will tend to be under-produced. The demand curve which measures only private benefits, will not accurately reflect all benefits. The school subsidizes Aposhian to get the flu shot. List of every different kind of tax you pay in February: sales - 8.5%; regressive (burdens lower more than higher) corporation income - 34%; capital gains payroll

AP Macro-Economics Keys

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Unit 3 Managing the economy Steve Margetts Page 1 CONTENTS Aggregate Demand (AD) 2 Aggregate Supply 4 Equilibrium Between Aggregate Demand And Aggregate Supply 9 Consumption And Savings 11 Investment 17 Government Spending 25 Exports and Imports 29 Objectives Of Government Macroeconomic Policy 31 Inflation 34 Unemployment 50 Economic Growth 71 Balance of Payments 80 Conflicts Between Macro Economic Objectives 84 Demand Management or Supply Side? 87 Unit 3 Managing the economy Steve Margetts Page 2 AGGREGATE DEMAND (AD) Aggregate demand (AD) is the total demand for goods and services produced in the economy over a period of time. DEFINING AGGREGATE DEMAND Aggregate planned expenditure for goods and services in the economy =

Some help with Economics

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Market Structures Perfect Competition?Ideal, but theoretical Large number of buyers and sellers Well-informed Independent Identical products Freedom to get into and out of business Perfect competition is really a baseline used to judge other market structures Market Structures (cont.) Monopolistic Competition?Similar to perfect competition except that the products are not identical Product differentiation?real or imagined is used more than price to get customers Oligopoly?a few large sellers dominate the industry These companies tend to copy each other so that no one will have the advantage Example: stuffed crust pizza, ?combination meal?, ?ice beer? Collusion and price-fixing Market Structures (cont.) Monopoly?A market with only one seller

Microeconomics

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How Resource Prices are Determined: Marginal Product Theory Marginal Productivity Theory is the heart of the factor market unit. You must master the details of marginal productivity and complex terminology such as marginal physical product (MPP), marginal revenue product (MRP), marginal resource cost (MRC), and the MRP = MRC rule before you can grasp the main concepts. Furthermore, you must understand that the demand for a resource is derived from the demand for the goods and the services produced by that resource. Finally, you must understand how a firm hires resources when more than one resource is involved. The material covered in activities 44-47 is the most emphasized factor market questions on the AP Exam.

Macroecon - building up to monetary policy

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Definitions • MS • MB • Multiplier Tools • Open market operation (most used) • Discount loans/rate • Required reserve ratio Fiscal policy: the government affecting outcomes by using its budget Monetary policy: the government (fed) affecting outcomes via financial markets Money supply: quantity of money (M1) = currency + deposits Monetary base: Currency + reserves (except cash reserves) (M0) Reserves-> the banks’ account at the Fed (controlled by Feds) Imagine there’s no cash Imagine RRR = 10% Banks lives are simple- asset management Let’s say the Fed wants to engage in an open market purchase A L A L

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