Macroeconomics Flashcards

Only 10 flashcards are shown at a time! Once you’ve mastered these 10 Economic terms, click the shuffle button below for 10 new terms. There are approximately 150 flashcards covering Macroeconomics.

Hyperinflation
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A rapid and accelerating increase in the average price level in a nation, usually caused by monetary expansion (increases in the money supply without corresponding increases in national output)

Hyperinflation
Land
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Includes all natural resources needed to undertake production of goods or services: including soil, timber, minerals, fossil fuels, fresh water, livestock, fish, etc… “the gifts of nature”

Land
GDP (per capita)
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The total value of a nation’s output divided by the number of people in the country. Gives a more accurate measure of the level of income of a nation than the GDP alone.

GDP (per capita)
Economic growth
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An increase in the output of goods and services in a nation between two periods of time.

Economic growth
Gross Domestic Product (GDP)
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The total market value of all final goods and services produced during a given time period within a country’s borders. Equal to the total income of the nation’s households or the total expenditures on the nation’s output.

Gross Domestic Product (GDP)
Progressive tax
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A tax on income that increases in percentage as an individual’s income increases. For example, when an individual earning $50,000 pays 15% and an individual earning $100,000 pays 25% in tax.

Progressive tax
Market system
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Market economic system: A system of resource allocation in which buyers and sellers meet in markets to determine the price and quantity of goods, services and productive resources.

Market system
M2
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A more broadly defined component of the money supply. Equal to M1 plus savings deposits, money market deposits, mutual funds, and small time deposits.

M2
Monetary policy
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The central bank’s manipulation of the supply of money aimed at raising or lowering interest rates to stimulate or contract the level of aggregate demand to promote the macroeconomic objectives of price level stability and full employment.

Monetary policy
Direct taxation
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Taxes placed on income, considered a leakage from the circular flow. Serve as the primary source of government revenue in most countries.

Direct taxation

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