Name that PIC
vocab
mac me, mac you
small world
MISC
100
for example, charging a price
excludable
100
based on facts
esopviti
positive
100
crushing aim policy
import tariffs
100
shifts in demand
100
reasons to shift PPC
quantity, quality of resources; trade
200
Government tool
Maximum price
200
difference b/t what people are willing to pay and what the price
consumer surplus
200
higher prices causing prices to rise causing wages to increase
wage-price spiral
200
availability of substitutes, addictive nature, relative proportion to income, brand, luxury vs necessity
factors of elasticity
200
profits, interest, dividends
name that account and concept
current account/primary income of the balance of payments
300
dingrat
absolute advantage
300
a measure that shows the average change in the prices of a representative basket of goods purchased by households
consumer price index (CPI)
300
adverse relationship b/t borrowers and savers with policy tool
interest rates/monetary
300
automatic way
transmission of preference
300
reasons for this to happen
selling currency, buying imports, firms moving away, decrease in relative interest rates
400
more competition, efficient use of resources, specialization
free trade
400
tax that is levied on goods such as cigarettes (sin)
excise taxes
400
an advantage of this type of unemployment allows the economy to respond quickly with changes in demand
frictional
400
subsidy and tax implications on consumers and producers
benefit/burden (incidences)
400
when would supply-side policy not raise output?
economy is operating at spare capacity
500
decreasing gini
redistribution of income
500
changes in spending and taxation to reduce fluctuation in AD without government policy
automatic stabilizers
500
who? and when to use in essays?
Keynes/as an evaluation
500
micro concept to whom and what?
elasticities/firm's usefulness of elasticities
500
policy tool, spending, influences AD
exhaustive government spending/current and capital spending