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ch 9-Terms & Concepts

ch 9-Terms & Concepts - Chapter 9 – Terms&...

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Unformatted text preview: Chapter 9 – Terms & Concepts Chapter 9 – Terms & Concepts 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. To be able to name the 4 key markets To find equilibrium in the G & S market, the loanable funds and the resource market & to understand how changes in the equilibrium affect the P & Q in each market The Flow of Funds (Household & Business sector only) Why the AD curve slopes downward and to the right. Purchasing power How a change in the average price level affects US imports & exports. Short run aggregate supply (Profit!!) Long run aggregate supply (Capacity!! Based on PPC) Why is the LRAS curve vertical? Relationship between the G & S market, the business cycle graph and the production possibilities curve. Relationship between potential and actual GDP in all three graphs mentioned in no. 10. Keynesian fiscal policy Fiscal policy in general Why Keynes is ok with running budget deficits (and therefore gov’t borrowing) during times of recession Why politicians like Keynes! ...
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