Formulas
C + I + G +NX
GDP formula
Negative relationshop between price and quantity demanded
What is law of demand
Technology, Input prices, Expectations, Number of sellers
What are the shifters of supply (T.I.E.N)
Simon Kuznet
Who created GDP
Non-excludability, overused, depleted
What is Tragedies of the commons
(% Change in the Quantity Demanded) / (% Change in the Price)
What is the Price Elasticity of Supply
Demand at each price
What is demand schedule
The area above supply curve and below market price
Where is producer surplus
Excluded from GDP
What is intermediate goods
Wanting others to pay for a public good but plans to use the good themselves
What is free rider
100 (Nominal GDP) / Real GDP
What is the GDP deflator formula
Relationship between price and demand during period of time
What is demand curve
Price exceeds opportunity cost
What is producer surplus
GDP calculated with current year prices
What is nominal GDP
eliminate ozone-destroying gasses
What is the Montreal Protocol
100 (cost of bundle in year t) / (cost of bundle in base year)
Consumer Price Index formula in year T
Income, number of consumers, substitutes, expectations, compliments, taste
What are the shifters in demand?
What is Law of Supply
Isolates effects of changes in production from price changes
What is real GDP
Cost of damages by tons of carbon and economic benefits of actions to reduce them
What is the Social cost of carbon (SCC)
V = (P Y)/M
Velocity of money formula
Total area below demand and above market price
What is consumer surplus.
Producer surplus declines from B+C to B
What happens to producer surplus when trade opens
relationship between real and nominal GDP
What is GDP deflator
near term actions and recognizing long term adaptation & effects on future
what is quasi-hyperbolic discounting