CLEP Macro Economics

Macroeconomics it refers to a period during which

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macroeconomics, it refers to a period during which nominal wages and other factor prices do not change in response to price level changes. o Short-run aggregate supply (SAS) curve: A diagram that shows how a shift in the aggregate demand curve affects the price level and real GDP in a relatively brief period of time, ceteris paribus.
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o Shortage: Excess demand; the amount by which the quantity of a product demanded exceeds the quantity supplied at a specific price. o Social Security: A social insurance program that provides financial benefits to the elderly and disabled and their dependents and survivors. o Social Security Administration: The government department at the federal level in charge of an insurance program that provides financial benefits to the elderly and disabled as well as to their eligible dependents and survivors. o Social Security trust fund: A federal account that saves excessive Social Security tax revenues in one year and uses them to meet Social Security obligations that exceed Social Security tax revenues in a subsequent year. o Sole proprietorship: A business owned and operated by one person. o Specialization: The separation of production tasks and the concentration of individuals and businesses according to these tasks, as opposed to producing by themselves everything they consume or use in the creation of goods and services. o Spillover: Excess costs or benefits to a third party external to the original market transaction, also called externalities. o Stagflation: An economics term referring to simultaneously high unemployment rates and high inflation rates. o Stock: An economic term referring to past accumulation that is measured at a single point in time, such as a nation's stock of debt. o Structural deficit: The part of the budget shortfall that would exist even if the economy were at its potential level of income. o Structural surplus: The part of the budget excess (over expenditures) that would exist even if the economy were at its potential level of income. o Structural unemployment: Joblessness resulting from mismatch between requirements for jobs and potential workers' skills. Demand and technology change the structure of the job market, including occupational demand and geographic location. o Supply: The ability or willingness to sell (produce) a specific amount of a product at different prices in a certain period of time. o Supply curve: A graph showing the quantities of a good that producers are willing and able to sell at different prices at different times. o Surplus: Excess supply; the amount by which the quantity of a product supplied exceeds the quantity demanded at a specific price. T o Target rate of unemployment: A statistic stated as a percentage that indicates the lowest rate of unemployment that is achievable considering the economy's current circumstances. o
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macroeconomics it refers to a period during which nominal...

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