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ECON 2200 Introduction to Macroeconomics

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Introduction to Macroeconomics Questions & Answers

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Introduction to Macroeconomics Questions & Answers


Introduction to Macroeconomics Flashcards

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  • 20 terms

    Term:

    Demand Factor

    Definition:

    The requirement that aggregate demand increases as fast as potential output if economic growth is to proceed as quickly as possible.

    • Chapter 26 : Economic Growth
    • 20 terms
    • Vocabulary for Chapter 26 : Economic Growth. Find, create, and access Definition , flashcards with Course Hero.
  • 29 terms

    Term:

    Allocative Efficiency

    Definition:

    the apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price or marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.

    • Chapter 3 : Demand, Supply, and Market Equilibrium
    • 29 terms
    • Vocabulary for Chapter 3 : Demand, Supply, and Market Equilibrium. Find, create, and access Definitions, flashcards with Course Hero.
  • 28 terms

    Term:

    Aggregate

    Definition:

    a collection of specific economic units treated as if they were one unit. Examples: the prices of all individual goods and services are combined into the price level, and all units of output are aggregated into gross domestic product.

    • Chapter 1: Limits, Alternatives, and Choices
    • 28 terms
    • Vocabulary for Chapter 1: Limits, Alternatives, and Choices. Find, create, and access Definitions, flashcards with Course Hero.
  • 27 terms

    Term:

    Barter

    Definition:

    the direct exchange of one good or service for another good or service.

    • Chapter 2 : The Market System and the Circular Flow
    • 27 terms
    • Vocabulary for Chapter 2 : The Market System and the Circular Flow. Find, create, and access Definations, flashcards with Course Hero.
  • 26 terms

    Term:

    Base Year

    Definition:

    the year with which other years are compared when an index is constructed; for example, the base year for a price index.

    • Chapter 25 : Measuring Domestic Output and National Income
    • 26 terms
    • Vocabulary for Chapter 25 : Measuring Domestic Output and National Income. Find, create, and access Definitions, flashcards with Course Hero.
  • 17 terms

    Term:

    Business Cycle

    Definition:

    recurring increases and decreases in the level of economic activity over periods of years; consists of peak, recession, trough, and expansion phases.

    • Chapter 24 : An Introduction to Macroeconomics
    • 17 terms
    • Vocabulary for Chapter 24 : An Introduction to Macroeconomics. Find, create, and access Definitions, flashcards with Course Hero.

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    • Profile picture
    Jun 16, 2016
    | Would recommend.

    Pretty easy, overall.

    Course Overview:

    Professor long is awesome. Lectures can be fun as long as people interact with him. Very informative and helpful

    Course highlights:

    Kept me interested in class and didn't hesitate to go to class

    Hours per week:

    3-5 hours

    Advice for students:

    Attend every class and it shall be a piece of cake

    • Fall 2016
    • Long
    • Yes
    • Group Projects Participation Counts Great Discussions
    • Profile picture
    Dec 13, 2015
    | No strong feelings either way.

    This class was tough.

    Course Overview:

    Good economics course for those in management.

    Course highlights:

    Learning about pricing methodologies was effective.

    Hours per week:

    3-5 hours

    Advice for students:

    Pay attention and ask questions.

    • Fall 2009
    • unknown
    • Yes


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