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Macroeconomics > Ch.7 The Circular Flow Model > Flashcards

Ch.7 The Circular Flow Model Flashcards

1
Q

Formula for GDP

A

c+i+g+x-im

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2
Q

Formula for Netexports

A

x-im

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3
Q

Formula for balanced trade

A

X=im

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4
Q

Formula for trade deficit

A

X<im

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5
Q

Formula for trade surplus

A

X>im

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6
Q

Formula for total savings

A

S=yd-c

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7
Q

Formula for total savings

A

S=yd-c

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8
Q

Formula for consumption

A

C=yd-s

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9
Q

Formula for balanced budget

A

T=g+tr

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10
Q

Formula for budget surplus

A

T>g+tr

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11
Q

Formula for Budget Deficit

A

T<g+tr

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12
Q

Formula for use of disposable income

A

YD=c+s

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13
Q

Formula for disposable income

A

YD=y+tr-t

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14
Q

Formula for total income

A

Y=w+pie+i+r

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15
Q

I.M

A

Imports

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16
Q

X

A

Exports

17
Q

I

A

Investment spending
EX: machinery equipment

18
Q

GDP

A

Gross domestic product

19
Q

G

A

Govt. borrowing of good/services

20
Q

S

A

Private savings

21
Q

T

A

Taxes

22
Q

C

A

Consumer spending

23
Q

Y

A

Total Income

24
Q

TR

A

Govt transfer

25
Q

Investment Spending

A

Spending on productive physical capital
EX: Construction of buildings

26
Q

Imports

A

Goods/services PURCHASED by res. of other countries

27
Q

Exports

A

Goods/services SOLD to residents of other countries

28
Q

Govt Purchases on goods/services

A

TOTAL purchases by fed govt.

29
Q

Govt. Borrowing

A

Funds borrowed
EX: Financial Aid

30
Q

Private Savings

A

Disposable income not spent

31
Q

Disposable Income

A

equal to income after household pays taxes+govt transfers

32
Q

Govt transfers

A

payment by govt
EX: stimulus checks

33
Q

Bond

A

Borrowing form that pays interests

34
Q

Stock

A

Share of ownership held by shareholder

35
Q

Households

A

Own factors of production; labor, land and capital

36
Q

Consumer Spending

A

Household spending on good/services

37
Q

National Account

A

Tracks flow of money b/w diff. sectors of economy

Macroeconomics (4 decks)

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