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|WIKIPEDIA SOURCES FOR ECON-2001 (Macroeconomics) |

|Chapter – 1 |

|Limits, Alternatives, and Choices |

|The Economic Perspective | |

| Scarcity and Choice | |

|Purposeful behavior |(Scarcity in Economics) |

| | |

| |(Opportunity Cost) |

| | |

| Marginal Analysis: Comparing Benefits and | |

|Costs |(Marginal benefit) |

| | |

| |(Introduction) |

|Theories, Principles, and Models | |

|Microeconomics and Macroeconomics | |

| Microeconomics | |

|Macroeconomics |(Microeconomics) |

| | |

| |(Macroeconomics) |

| Positive and Normative Economics | |

| |(Positive Economics) |

| | |

| |(Normative Economics) |

|Individual’s Economizing Problem | |

| Limited Income, Unlimited wants, | |

|A Budget Line | |

|Attainable and unattainable combinations, |(Budget constraint introduction) |

|Trade-offs and opportunity costs, Choice, | |

|Income Changes | |

|Society’s Economizing Problem | |

| Scarce Resource | |

|Resource Categories(Land, Labor, Capital |(economics) |

|Entrepreneurial Ability) |(Resource, Land/natural resources, Labor/human resources, |

| |Capital/infrastructure) |

| | |

| |(Entrepreneur introduction) |

|Production Possibilities Model | |

| Full employment | |

|Fixed resources |(Full employment introduction) |

|Fixed technologies | |

|Two goods |(Final Goods) |

|Consumer goods | |

| |(Capital good) |

| | |

|Unemployment, Growth, and the Future | |

| A growing economy | |

|Increases in resource supply |(Unemployment introduction) |

|Advances in technology | |

|Present choices and Future Possibilities |(Economic growth introduction, Economic growth versus the business cycle, |

| |economic growth per capita, measuring economic growth, the power of annul |

| |growth) |

|Appendix | |

| Construction of graph | |

|Direct relation between consumption and | (Introduction) |

|income | |

|Dependent and independent variables | (Introduction) |

|Slope of a line | |

|Positive slope, Negative slope, Slopes | |

|And measurement units, Slopes and | |

|marginal analysis, Infinite and zero | |

|slopes | |

|Vertical intercept | |

|Equation of a linear relationship | |

|Slope of a nonlinear curve | |

|Chapter – 2 |

|The Market System and the Circular Flow |

| |

|Economic Systems | |

| The Command System | (Introduction) |

|The Market System | |

| |(Introduction) |

| | |

| |(Introduction) OR |

| | |

| |(Introduction) |

|Characteristics of the market System | |

| Private property | |

|Freedom of enterprise and choice | |

|Self Interest | |

|Competition |(Introduction) |

|Markets and Prices | |

|Technology and Capital Goods | |

|Specialization |(economics) |

|Division of labor | |

|- Specialization makes use of |(Introduction) |

|differences in ability | |

|- Specialization fosters learning by |(Economic definition) |

|doing | (Introduction) |

|-Specialization saves time | |

|Geographic specialization |(Specialization) |

|Use of money | |

| |(Introduction, Definition) |

| | (Introduction) |

|Five fundamental questions | |

| -What goods and services will be produced? | |

|-How will the goods and services be |(Introduction) |

|produced? | |

|-Who will get the goods and services? | |

|-How will the system accommodate change? | |

|-How will the system promote progress? |(economics) |

|Technology advance |(Introduction, definition) |

|Capital accumulation | |

|The “Invisible hand” | |

| -Efficiency | |

|-Incentives | |

|-Freedom | |

| | |

| |(Introduction) |

|The demise of the command | |

| -The coordination problem |

|-The incentive problem |l |

| | |

|The circular flow problem | |

| -Household | |

|-Business | |

|Sole proprietorship | |

|Partnership |(Introduction, basic forms of ownership) |

|Corporation | |

|-Product Market | |

|-Resource Market | |

|Chapter – 3 |

|Demand, Supply, and Market Equilibrium |

| |

|Markets | |

| | |

| |(Introduction) |

|Demand | |

| -Demand schedule |(economics) |

|-Law of demand | |

|-The demand curve | |

|-Market demand |(Diminishing marginal utility) |

|-Changes in demand | |

|Tastes |(Substitution effect, Income effect) |

|Number of buyers | |

|Income |(Demand curve) |

| | |

| | |

| | |

| | |

|-Changes in quantity demanded | |

|Supply | |

| -Law of supply |(economics) |

|-The supply curve | |

|-Market supply |(economics)#Supply_curve |

|-Determinants of supply |(Supply curve) |

|-Changes in supply |(economics)#Market_structure_and_the_supply|

|Resource prices |_curve |

|Technology |(Market structure and supply curve) |

|Taxes and subsidies |(economics) |

|Prices of other goods |(Factors affecting supply) |

|Producer expectations |

|Number of sellers |lied |

|-Changes in quantity supplied | |

|Market Equilibrium | |

| -Equilibrium price and quantity | |

|Surplus |(Introduction) |

|Shortage | |

| | |

|-Rationing Function Prices | |

|-Efficient Allocation |(1st paragraph) |

|Productive efficiency | |

|Allocative efficiency | |

|-Changes in supply, demand, and |(Productive efficiency) |

|equilibrium | |

|-Changes in demand |(Introduction) |

|-Changes in supply | |

|-complex cases | |

|Supply increase; Demand decrease | |

|Supply decrease; Demand increase | |

|Supply decrease; Demand decrease | |

|Application: Government-Set Prices | |

| -Price Ceiling | |

|Graphic analysis | |

|Rationing problem | |

|Black Markets | |

|Rent controls | |

|-Price Floor | |

|Chapter – 5 |

|Market Failures: Public Goods and Externalities |

|Market failures in competitive markets | |

| Demand-side market failures | |

|Supply-side market failures |(end of introduction) |

| | |

|Efficiently Functioning Markets | |

| -Consumer Surplus |

|-Producer surplus |ucerSurplus/default.html |

|-Efficiency losses/Deadweight Losses |(slides 17-24) |

| | |

|Public Goods | |

| -Private Goods Characteristics | |

|Rivalry | |

|Excludability | |

|-Public Goods Characteristics |(economics) |

|Non-rivalry | |

|Non-excludability | |

|-Optimal quantity of a public good |

|-Demand for public goods |rginal+revenue+and+Marginal++cost |

|-Comparing MB and MC | (Introduction, |

|-Cost-Benefit Analysis |Theory, Process, Valuation) |

|concept | |

|illustration | |

|-Quasi-Public Goods | |

|Externalities | |

| -Negative externalities | |

|-Positive externalities |(Introduction, Negative (Definition), Positive (Definition)) |

| | |

| | |

|-Government Intervention | |

|Direct controls | |

|Specific taxes | |

|Subsidies and government provision | |

|Subsidies to buyers | |

|Subsidies to producers |(Government provision) |

|Government provision | |

|-Society’s optimal amount of externality | |

|reduction | |

|Chapter - 6 |

|An Introduction to Macroeconomics |

|An Introduction to Macroeconomics | |

|Introduction | |

|Business cycle |Introduction |

|Recession | |

| |Introduction |

|Performance and Policy | |

| GDP (Gross domestic Product) | |

|Real GDP |(Introduction) |

|Nominal GDP | |

|Unemployment |

|Inflation |_to_GDP |

| | |

| |(Introduction) |

| | |

| |(Introduction) |

|The miracle of Modern Economic growth | |

| Saving, investment, and choosing between | |

|present and future consumption | |

| | |

|Banks and other financial institutions |(time preference theory of interest) |

| | |

| | |

|Uncertainty, Expectation, and Shocks | |

| | |

| |(epistemic) |

|Demand shocks and Flexible Prices |(Introduction) |

| |(economics) |

| | |

|Demand shocks and Sticky Prices | |

| |(Dynamic pricing) |

|How sticky are prices |(economics)#Modeling_sticky_prices |

|Categorizing macroeconomic models using | |

|price stickiness. | |

|Chapter – 7 |

|Measuring Domestic Output and National income |

|Assessing the Economy’s Performance | |

|National income accounting | |

| | |

|GDP (Gross domestic product) | |

|Aggregate output | |

| |(Introduction) |

|A monetary Measure | |

|Avoiding multiple counting | |

|GDP Excludes nonproduction transactions | |

|Financial transactions | |

|Public transfer payments | |

|Private transfer payments | |

|Stock market transactions | |

|Secondhand sales | |

|Black market sales | |

|Two ways of looking at GDP: Spending & Income |

|The expenditure approach |diture_approach |

|Personal Consumption | (PCE) |

|Gross private domestic investment | |

| |

| |estic%20investment |

| The Income approach | |

|Compensation of employees | (Introduction) |

|Rents, Interest, Proprietors income, Corporate profits (corporate | (Introduction) |

|income taxes, dividends, undistributed corporate profits), Taxes on | |

|production and imports, from national income to GDP, net foreign |(Proprietors income) |

|factor income, statistical discrepancy, and consumption of fixed | (Introduction) |

|capital | (Introduction) |

| |

| |te+profits |

| |

| |ports |

| |

| |ross+domestic+product |

| |

| |come |

| |

| |cy |

| | |

|Other National Accounts | |

| | |

| | |

| | |

|Nominal GDP versus Real GDP | |

| | |

| |

| |opicArticleId-9789,articleId-9734.html |

|Shortcomings of GDP | |

| | (Introduction) |

| | |

| |

| |-gdp-alternative.asp#axzz28dsY14Xa |

|Chapter – 8 |

|Economic Growth |

|Economic Growth | (Introduction) |

|Real GDP per Capita | |

|Determinants of Growth |(economics) |

|Supply factors | |

|Demand factor |

| |nd |

| | |

|Production possibilities Analysis | |

|Growth and Production Possibilities |(Introduction) |

|Labor and productivity | (Definition) |

|Accounting for Growth | |

|Labor inputs versus labor productivity | (Introduction) |

|Technology advance | |

|Chapter – 9 |

|Business Cycles, Unemployment, and Inflation |

|The Business Cycle | |

|Cycles or fluctuations | |

| |

| |axzz28dsY14Xa |

|Unemployment | |

|Measurement of Unemployment |( Introduction; Definitions types and theories; Cyclical; Frictional; |

|Types of Unemployment |Structural; |

|Frictional |Measurement; |

|Structural |Full employment; ) |

|Cyclical |

|Full employment |axzz28dsY14Xa |

|Economic Cost of Unemployment | |

|GDP Gap and Okun’s law | |

|Inflation | |

|Meaning of inflation |Inflation; types; measurement |

|Measurement of inflation | |

|Types of inflation | |

|Demand-pull inflation | |

|Cost-push inflation | |

|Core inflation | |

|Redistribution Effects of Inflation |(economics) |

|Nominal and Real Income |

| |=0CCIQFjAA&url=http%3A%2F%2F%2Fcms%2Flib2%2FTX01001414%2F|

| |Centricity%2FDomain%2F2983%2FWho_is_hurt_and_who_is_helped_by_inflation.pp|

| |t&ei=lz9yUM_qM4j69gS9oYHoAw&usg=AFQjCNFm1Fx14p7fCzDqswzF4ji5mV24ow&sig2=56|

| |YbU5_AH-bK1letCnjEaw |

|Does Inflation affect output | |

|Cost-push inflation and real output | |

|Demand-pull inflation and real output | (Introduction) |

|Hyperinflation | |

|Chapter - 10 |

|Basic Macroeconomic Relationships |

|The Income-Consumption and Income-Saving Relationships |

|The consumption schedule |me+Saving+Relationship |

|The saving schedule |

|Average and Marginal propensities |dule |

|APC and APS | |

| | |

| |

|MPC and MPS |ty%20to%20save |

| | |

| | |

| |

|MPC and MPS as Slopes |ine |

| | |

| |

| |me+Saving+Relationship |

| | |

| | |

| | |

|Non-income Determinants of consumption and | |

|Saving | |

|Wealth (Wealth effect) | |

|The interest-Rate-Investment Relationship |

|Expected rate of return |Relationship |

|Real interest rate | |

|Investment demand curve | |

| | |

| |

| |curve |

|The Multiplier Effect | |

|The multiplier and the marginal propensities |

|Chapter – 11 |

|The Aggregate Expenditures Model |

|Assumptions and Simplifications | |

|Consumption and Investment schedules | |

|Equilibrium GDP: | |

|Aggregate Expenditure | |

|Aggregate Demand | |

|Other Features of Equilibrium GDP | |

|Equilibrium versus Full-Employment GDP | |

|Recessionary Expenditure Gap | |

|Inflationary Expenditure Gap | |

|Chapter – 12 |

|Aggregate Demand and Aggregate Supply |

|Aggregate Demand | |

|Aggregate Demand Curve |

|Real-balances effect |urve |

|Interest-rate effect | |

|Foreign purchases effect | |

|Changes in Aggregate Demand | |

|Consumer spending | |

|Consumer wealth | |

|Household borrowing |(finance)#Consumer_credit |

|Consumer Expectations | |

|Personal taxes | |

| |(Introduction) |

|Investment Spending |

| |t.html |

|Government Spending | |

| |(Introduction) |

|Net Export Spending | |

| |

| |inants |

|Aggregate supply | |

|Aggregate supply in the immediate Short Run | |

|Aggregate supply in the short run | |

|Aggregate supply in the long run | |

|Equilibrium and changes in Equilibrium | |

|Increases in AD: Demand-Pull Inflation |

|Decreases in AD: Recession and cyclical unemployment |upply_model |

|Decrease in AS: Cost-push inflation | |

|Increase in AS: Full employment with price-level stability | |

|Chapter 13 |

|Fiscal Policy, Deficits, and Debt |

|Fiscal Policy and the AD-AS Model | (Introduction)|

|Expansionary Fiscal Policy | |

|Contractionary Fiscal Policy |

| |l+policy |

| |

| |cal+policy |

|Built-in Stability | |

|Automatic or Built-In Stabilizers | (Introduction) |

|Tax-progressivity | (Introduction) |

| | (Introduction) |

|Evaluating Fiscal Policy |

|Cyclically adjusted budget |lPolicy.pdf |

|Cyclical deficit | |

| Crowding-Out Effect |(economics) |

|The U.S. Public Debt | |

|Ownership | (You can check the |

|Public held debt: International comparison |current size of public debt) |

| | |

|Substantiative Issues | |

|Crowding effect revisited | |

|All about fiscal policy |

| |tml |

|Chapter – 14 |

|Money, Banking, and Financial Institutions |

|The Functions of Money | |

|Medium of exchange | (Liquidity Definition) |

|Unit of account | |

|Store of value | |

|Liquidity | |

|The components of money supply | |

| |(Introduction, Definition, Empirical measures, United States) |

| | |

| | |

|The federal reserve and the banking system | (Introduction) |

| | |

| | (Introduction) |

| | |

| | |

|The financial crisis of 2007 and 2008 | |

|The mortgage default crisis |

|Subprime mortgage loans |oans_and_lending.2Fborrowing_practices |

|Mortgage-backed securities | |

|Securitization | (Introduction) |

|Failures and Near-failures of Financial Firms | |

|The treasury bailout: TRAP | (introduction)|

| | |

| |(Introduction) |

| | |

| | |

|The fed’s Lender-of-last-resort Activities | |

| | |

|Primary dealer credit facility |(Introduction) |

| |

| |-mmiff.asp |

| | |

| |(Introduction) |

|The Post-crisis U.S. Financial Services Industry | |

|Financial Services industry | |

|Chapter – 15 |

|Money Creation |

|The Fractional Reserve System | (Introduction) |

|A single Commercial Bank | |

|Balance sheet | |

| | (Introduction) |

| | (Introduction) |

|Money-creating transactions of a commercial bank | |

|The Banking system: Multiple deposit Expansion | |

|Monetary Multiplier | |

| |

| |,articleId-9747.html |

|For complete Chapter |

| |samplech11.pdf |

|Chapter - 16 |

|Interest Rates and Monetary Policy |

|Interest Rates | (Introduction) |

|The demand for money | |

| | |

| |(Introduction) (Demand motive; Asset motive) |

| |

|The equilibrium Interest rate | |

|Interest rates and Bond prices | |

|Tools of Monetary Policy |

|Open market operation |ions |

|Reserve requirement | |

|Discount rate | |

|Term auction facility | |

| | |

| |

| |ary+policy |

| | |

| |

| |xnGDF |

|Cyclical asymmetry and the liquidity trap | |

| | |

|Chapter – 17 |

|Financial Economics |

|Financial Investment | |

| | |

|Present value | |

|Compound Interest | (Introduction) |

|The Present value model |

|Deferred compensation |icArticleId-9789,articleId-9788.html |

| | |

|Some Popular Investments | (Introduction, Shares, types of stocks)|

|Stocks | (Introduction) |

|Bankrupt; limited liability rule; Capital gain; | (Introduction) |

|Dividend | (Introduction) |

| | (Introduction) |

| |(finance) |

| | (Introduction) |

| | (Introduction) |

| | (Introduction) |

|Bonds | |

|Mutual Funds | |

|Index funds; actively managed funds; | |

|passively managed funds | |

| | |

|Arbitrage | (Introduction) |

|Risk | (Introduction) |

|Diversification | |

| |(finance) (Introduction) |

|Systemic risk | (Systemic risk and |

| |diversification) |

|Average rate of return | |

|Weighted mean | (Introduction) |

| |(finance) (Introduction and definition) |

|Beta | |

| | |

|Risk free interest rate | |

|The security market line | |

|Chapter 17 Vocabulary |

| |ash-cards/ |

|Chapter – 18 |

|Extending the Analysis of Aggregate Supply |

|From Short Run to Long Run | |

|Short-Run Aggregate Supply | |

|Long-Run Aggregate Supply |

| |egate+Supply |

| |

|Applying the Extended AD-AS Model |

| |odel |

|The inflation-unemployment relationship | |

|The Phillips curve |(Introduction; Stagflation; NAIRU and rational expectations; The Phillips |

|Aggregate supply shocks and the Phillips curve |curve today; Gordon’s triangle model; demand pull or short-term Phillips |

|Stagflation |curve inflation; cost push or supply shocks) |

|The Long-run Phillips curve | |

|Taxation and Aggregate Supply | |

|Chapter – 20 |

|International Trade |

|International trade | (Introduction) |

|Some key trade facts | |

|Countries by amount exported |

|The International Economy |nternational+economy |

|Comparative Advantage | |

|Analysis of Exports and Imports |

|Trade Barriers |xports+and+imports |

|The Cases for Protection | |

| | |

|Trade Barriers and Export Subsidies | |

|Tariffs |(Introduction) |

|Revenue tariff | |

|Protective tariff |

|Import quota |l |

|Nontariff barrier | (Introduction) |

|Voluntary export restriction(VER) | (Introduction) |

|Export subsidy | (introduction) |

|Effects | (Introduction) |

|The Case for Protection: A critical Review |(pricing_policy) |

|Protection-against-Dumping Argument | |

|Multilateral Trade Agreements and Free-Trade Zones |

|General Agreement on Tariffs and Trade(GATT) |e |

|World Trade Organization (WTO) | |

|European Union |(Introduction) |

|North American Free Trade Agreement | (Introduction) |

|Trade Adjustment Assistance | |

|Offshoring jobs | |

| |(Introduction) |

| | (Introduction) |

| | (Introduction) |

|Chapter – 21 |

|The Balance of Payments, Exchange Rates, and Trade Deficits |

|International Financial Transactions | (Introduction; Payment |

|The balance of Payments |surplus) |

|Current Account | (Introduction) |

| | (Introduction; capital |

| |account in macroeconomics) |

|Capital Account and Financial Account |

| |ts |

|Exchange reserves | (Introduction; |

| |Changes in reserves) |

|Flexible Exchange Rates | |

|Floating |(Introduction) |

| | (Introduction) |

| | |

|Depreciation and Appreciation |

| |l |

| |

| |nge_rates |

| | (Introduction) |

|Determinants of exchange rates |

|Speculation |_rates#4.6.6_Advantages_and_Disadvantages_of_Fixed_.26_Floating_Rates |

| |(Adv and Disadvantages of flexible exchange rates) |

| | |

| |(Introduction) |

|Fixed exchange rates | |

| |

|Reserves |cy |

| | |

|Trade policy | |

| | |

|Exchange controls and rationing | |

|The Current Exchange Rate System: The managed float |

| |xchange+rate |

|Recent U.S. trade deficits | |

| | |

|Implications | |

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