Chapter 8 notes
Micro (households and firms)/Macro (economy as a whole)
Business cycle: Alternating periods of economic expansion and economic
Expansion: The period of a business cycle during which the total production and
total employment are
Chapter 14 Summary
Economists consider money to be any asset that people are generally willing to
accept in exchange for goods and services, or for payment of debts.
Barter (double coincidence of wants)
Commodity moneygoods used as money that also have va
Response Paper 2 Negative Interest Rate
This article is talking about why the some world central banks are using negative
interest rate and we are talking about nominal interest rate. For current globe
market, investors are
Chapter 7 notes
Falling shipping and transportation costs have made international trade more
profitable and desirable.
Countries imposed high tariffs (a tax imposed by a government on imports)
on imports (goods & services bought domestically but produced
Types of Firms
Sole proprietorship: (involve in day-to-day decisions)
A firm owned by a single individual and not organized as a corporation.
A firm owned jointly by two or more persons and not organized as a corporation.
Perfectly competitive market:
(1) many buyers and sellers
(2) all firms selling identical products
(3) no barriers to new firms entering
Ceteris paribus (all else equal) condition:
The requirement that when analyzing the relationship between
Chapter 4 summary
(the net benefit to consumers from participating in a market)
the difference between the highest price a consumer is willing to pay for a good
or service and the actual price the consumer receives.
Producer surplus (net
Response Paper 1 The economic impact of refugee
This article from the Economist is talking about the economic and fiscal
influence that brought by influx of refugee into Europe. Angela Merkel, as a chief
advocate for accepti