MACROECONOMIC FINAL EXAM
POWERPOINT SLIDES SHEET
Know Page 2, 2nd slide on Autonomous Consumption (M/C)
Know Page 7, 2nd slide on that Multiplier Process chart (S/A)
For the chart, MPS is 0.4so you have to change it to MPC=0.6
Chapter 26 - Business Cycles, Unemployment, and Inflation
Chapter 26 Business Cycles, Unemployment, and Inflation
1. What are the four phases of the business cycle? How long do business cycles last? Why does
the business cycle affect output and
Applications of the PPC Model Notes
Applications of the PPC Model
In order to allocate resources efficiently, then each nation should
specialize in producing products for which they have a comparative
Nations should trade in order to get the goo
Intro to Macroeconomics Notes
Economics, Scarcity, and Choice
Study of choice under conditions of scarcity
Situation in which the amount of something available is
insufficient to satisfy the desire for it
Unlimited variety of scarcities
Factors of Production Notes
Definition: resources available to an economy for the production of
goods and services
Factors of production (FOP) create utility.
Utility is the value or satisfaction that people derive from the goods or
services they consume
Change in demand quantity Notes
Why is the demand curve downward sloping?
A demand curve is downward sloping from left to right because of the
inverse relationship b/w price and quantity demanded.
This is why consumers consume more of a commodity at lower
Calculating Opportunity Cost Note
Opportunity cost = what is given up/what is obtained
Economy can produce either 40 houses or 20 office buildings
OC of houses = 20 office buildings/40 houses=.5 office buildings
OC of office buildings = 40 houses/20 offic
Intro to Microeconomics Notes
Micro comes from the Greek word mikros, meaning small
Studies the behavior of individual households, firms, and
Choices they make
Interaction in specific markets
Focuses on individual parts of an ec
Land Labour Capital meaning Notes
An unemployed factory worker
A college professor
The SMCHS library
Yellowstone National Park
An untapped deposit of natural gas
The White House
A power plant
Production Possibilities Curve
CSU Monterey Bay built on site o
Supply curvea graph showing the total quantity of a good (or
service) that sellers wish to sell at each price.
Why is the supply curve upward sloping?
This shape of the supply curve reflects the reality that the
number of firms willing to sup
The universe is so utterly old and massive.
We are so utterly young and insignificant.
So why do we care about anything at all?
Secular Our daily, practical, largely
Faith that theyre true
The boring, everyday, tedious
ESOL 200: Final Project
Press Release (10%)
Due Date: Friday, April 17, 2015
This is the third component of your Final Project. This press release is an attempt to persuade media outlets to publish
information about your idea.
Write and submi
CHAPTER5: IT Infrastructure and Emerging Technologies
5.1 IT INFRASTRUCTURE
The shared technology resources that provide the platform for the firms specific information system
Includes investment in hardware, software, and services, such
Types of system failures on Runaway Projects
o Fail to capture essential business requirements
o Fail to provide organizational benefits
o Complicated, poorly organized user interface
o Inaccurate or inconsistent data
PROJECT MANAGEMENT OBJEC
CHAPTER 6: DATABASES AND INFORMATION MANAGEMENT
6.1: Organizing Data in Traditional File Environment
File Organization Terms and Concepts
- Bit: smallest unit of data a computer can handle ( 0 / 1)
- Byte: a group of bits. Represents a single character, w
CHAPTER 3: Information systems, Organizations, and Strategy
WHAT IS AN ORGANIZATION?
Technical Definition: Stable, formal social structure that makes resources from the environment and
processes them to produce outputs.
o A formal legal entity with in
CHAPTER 2: How Businesses Use Information Systems
Business Processes: How anything is done. A manner, in which work is organized, coordinated and
focused to produce a valuable product or a service. They are a collection of activities required to
Determinants of Aggregated Demand: factors that shift the aggregated demand curve:
1. Consumer Spending
a. Consumer Wealth: equals total dollar value of assets Total dollar value of liabilities. Increase
in wealth makes users buy more and save
Business Cycle: recurring increase and decrease in the level of economic activity of periods of year
Phases of Business Cycle:
o Peak: a phase where business activity has reached temporary maximum.
economy is near or at full employment
Institutional Structures that promote growth:
1. Strong Property rights: People will not invest if they believe that thieves bandits and rapacious
and corruptive govt will steal their investments/expected returs
2. Patents and Copyrights: necess
Things not included in GDP: Non Production Transactions:
1. Financial Transactions:
a. Public Transfer Payments: Social insurance payments (like wefare and EI) that
govt makes to households
b. Private Transfer Payments: They produce no output (e
Chapter 1: Limits, Alternatives and Choices
10 key concepts:
1. Facing Tradeoffs: When there is scarcity in relation to wants always means that you have to face
tradeoffs, hence you always have to make choices
2. Opportunity Costs: The cos
Supply and Demand Notes
Examining a Market
The market for any good or service consists of all buyers and sellers
of that good.
As economists, typically represent a basic market in the form of supply
The model of Demand and Supply assumes that
How to Study Economics Notes
Economics must be studied actively, not passively
Reproduce what you have learned
List the steps in each logical argument
Retrace the cause-and-effect steps
Draw the graphs
relate to what you are
Methods of Economics Notes
Use economic models to develop economic theories
Economic models are built with words, diagrams, and mathematical
Abstract representation of reality
Should be as simple as possible to accomplish its pu
1. List the 10 countries with the highest population include the populations.
TOP TEN COUNTRIES WITH THE HIGHEST
1,268,853,362 1,330,141,295 1,378,561,591
Should economists who judge one outcome superior to another be forced to specify
their grounds for such judgments?
Yes. Economists that are intentionally and explicitly normative should be forced to
specify their grounds for such j
Demand and Supply Applications and Elasticity QUIZ 3
The market system performs two important and related functions. Which
functions are they?
Cost minimization and utility maximization.
Price rationing and resource allocation.
Consumption and investme
Define the three alternatives to the free market system as rationing mechanisms.
Queuing is a nonprice rationing system that uses waiting in line as a means of
distributing goods and services. Favored customers are those who receiv
Role of Immigrants in Canadian economic development
An Immigrant is any individual who is a citizen of one country and go to any other country with
an aim to settle permanently in that country. Keeping in mind the end goal to be a migrant you
must have ci