Spring17 Econ104 Final Review - Key Terms for Final Exam...

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Key Terms for Final Exam - Econ 104 - by lesson Lesson 1 Consumption Function Shifts vs. movements along consumption function Percent Changes Solving an equation with one unknown Lesson 2 Comparative Advantage Law of Identifying What is so great What is not so Great Who protests at free trade meetings Nominal vs. Real wages There is no such thing as a free lunch Rationality - ex-ante, ex-post Index of economic freedom Free market vs Command and control Normative vs Positive Economics
Lesson 3 Income equals expenditure - the dried apricot example Cruise ship analogy Shocks Dual Mandate Policy lags Real vs. Nominal GDP The GDP Deflator Stagflation of the 1970s Lesson 4 Unemployment rate Formula Problems with the signal as to conditions in labor market Hidden unemployment Underemployment Discouraged workers Inflation price indexes calculation biases chain weighted price indexes across PA
Real vs. Nominal Interest Rates ex-ante vs. ex-post calculation Evils of deflation Lesson 5 Plastering Problem

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