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Key Terms for Final Exam - Econ 104 - by lessonLesson 1Consumption FunctionShifts vs. movements along consumption functionPercent ChangesSolving an equation with one unknownLesson 2Comparative AdvantageLaw ofIdentifying What is so greatWhat is not so Great Who protests at free trade meetingsNominal vs. Real wagesThere is no such thing as a free lunchRationality - ex-ante, ex-postIndex of economic freedomFree market vs Command and controlNormative vs Positive Economics
Lesson 3Income equals expenditure - the dried apricot exampleCruise ship analogyShocksDual MandatePolicy lagsReal vs. Nominal GDPThe GDP DeflatorStagflation of the 1970sLesson 4Unemployment rateFormulaProblems with the signal as to conditions in labor marketHidden unemploymentUnderemploymentDiscouraged workersInflation price indexescalculationbiaseschain weightedprice indexes across PA
Real vs. Nominal Interest Ratesex-ante vs. ex-postcalculationEvils of deflationLesson 5Plastering Problem