4th Quarter QE Flashcards
(26 cards)
Macroeconomics
Deals with the performance, decision-making, etc. of an economy as a whole.
Goals of macroeconomics
- Economic growth
- Stability of prices
- Full employment
National income
Monetized Goods the government collects through fees, taxes, etc.
National economy
Production, distribution, trade, etc. by different agents of a nation.
Has a global context.
Philippine statistical authority (PSA)
Compiles and publishes the National income accounts (NIA)
National income accounting
A bookkeeping system that measures economic activity
Gross national product
Estimated total of production of citizens all around the world
Gross domestic product
Estimated production inside a country
Nominal price
Current prices unadjusted for inflation
real price
Prices adjusted for inflation
Net factor income from abroad (NFIA)
Difference between income from abroad and in country
Expenditure approach
Total spending in the economy
Factors of production
Land, Labor, Capital, Entrepreneur
Factor income approach
Income received by the government
Per capita
Per person or head
Monetary sector
Loaning from banks to start a business
Bangko sentral ng pilipinas (BSP)
Regulates money supply, growth and stability should be properly matched.
Money supply
Matched with level of investment, production, income
Fiscal sector
Government allocates scarce resources
(Taxes and other government stuff)
External sector
Trading and stuff
Gold standard
Currency has a value direct to gold
Theory of absolute advantage
Greater efficiency of a country
Theory of comparative advantage
Efficiency of producing a good compared to another using the same resources
Balance of payment (BOP)
Summary of a countrys economic transaction with the rest of the world
