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Economics > Macroeconomics > Flashcards

Macroeconomics Flashcards

1
Q

What is macroeconomics

A

Study of government and nations

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2
Q

What does the business cycle do

A

Look at growth

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3
Q

What does the business cycle specially look at

A 
GDP
Inflation
Unemployment rate
Budget
Taxes / gov't spending
Stock market
Banking system and money
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4
Q

What are two main tools federal gov’t use to regulate economy?

A

Fiscal policy

Monetary policy

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5
Q

What is fiscal policy?

A

Taxes and government spending

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6
Q

What is monetary policy

A

When Federal reserve comes in

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7
Q

What is the term used to describe bad economy

A

Recession depression

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8
Q

What is GDP

A

Total dollar value of all final goods and services produced within a countries borders in one year.

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9
Q

What is recession ?

A

Decrease in GDP in production that lasts for about 6 months or longer

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10
Q

How long does a recession usually last?

A

6 months+

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11
Q

What is the average recession

A

11 months

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12
Q

What is depression

A

Emotion of economy when we have high less of unemployment significant decrease in production and income.

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13
Q

What is the spending formula

A

GDP=C + I + G + ( x - i )

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14
Q

What is crisis of confidence

A

When business drops and government takes and picks back up.

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15
Q

What are 3 categories we buy as consumers

A

Durable goods
No durable goods
Services

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16
Q

What is a durable good

A

Last 3 years or longer

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17
Q

What is a non durable good

A

Regularly used up

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18
Q

What is a service

A

Any action performed for others

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19
Q

What are the rankings of what we buy as consumers

A

60% services
25 non durable
15 durable

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20
Q

What is considered to be employed

A

16+

1 hr a week

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21
Q

What is considered to be unemployed

A

Not working
Searching for a job
Waiting for new job
Returning to job

22
Q

What is the unemployment percent

A

4-6%

23
Q

What is it to be considered not in labor force

A

Disabled
Under 16
Retired

24
Q

What are the reasons of unemployment

A

Structural
Psychical
Frictional

25
Q

How do you solve structural unemployment

A

Education

26
Q

How do you solve psychical unemployment

A

Gov’t
Fiscal policy
Monogamy policy
Taxes

27
Q

How to solve frictional unemplyment

A

Look for new job.

28
Q

What is inflation

A

Rise of prices in general

29
Q

What causes inflation

A

Increase in money supply.
Too much money. Economy not keepin up.

Demand pull
Cost push

30
Q

What is a demand pull

A

Too many dollars chasing too few goods

31
Q

What is cost push

A

Cost of input rises, make less

32
Q

What is the standard rate of inflation

A

2-3%

33
Q

What is a disposable income

A

Money left over after bills are paid

34
Q

Who does inflation hurt the most

A

Poor

Elderly

35
Q

What is the consumer price index

A

Get info on products and get them from a urban areas

36
Q

What 3 levels do gov’t make money from

A

State
Federal
Local

37
Q

What is a budget

A

Bringing in money and then spending it on expenses

38
Q

What does gov’t spend money on

A 
Social security 
Military 
Interest
Agencies
Medicare
NASA
Research
Education
39
Q

What is the top 3 in order gov’t spends most money on

A

Social security
Military
Interest

40
Q

How does federal gov’t work

A

President crests budget
Set amount to all programs
Then send to congress then hor

41
Q

What is a balanced budget

A

Spend what you bring in

42
Q

What is deficit spending

A

Spend more than you bring in

43
Q

What is surplus budget

A

Spending less than you bring in

44
Q

What is fiscal policy

A

Taxation spending. Executive and legislative branch created by budged
Taxes and gov’t spending

45
Q

Hat is nonstarter policy

A

Banking industry

46
Q

3 tools of monetary policy

A

Legal reserve requirements
Interest rate
FOMO federal open market operations

47
Q

What is federal reserve banks

A

A banks bank and gov’t bank where banks do their baking and gov’t does their banking.

48
Q

How many district banks are there

A

12

49
Q

How many central banks are there

A

1

50
Q

Where is the central bank

A

Washington, D.C.

51
Q

Who runs federal reserve bank

A

Ben berneike

52
Q

Who found federal reserve banks

A

FDR

Economics (4 decks)

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