We'll look at the differences a bit more later. Model - a simplified representation of a real situation that is used to better understand real0life situations. A Share of Stock --A financial instrument that give the holder a share of ownership in a publicly held corporation.
Indifference Curve --A set Macroeconomic terms points that represent different bundles of goods which provide the consumer with the same level of satisfaction or utility.
Consumer -- An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction utility from consumption of those goods and services.
Price Elastic Demand --When the percentage change in quantity demanded exceeds the percentage change in market price.
National Income -- The sum of all types of income wages, net interest, profits, and net rental income earned in a given time period by any type of economic agent individuals or corporation. Negotiation Space --A set of consumption bundles points relative to an initial or current endowment where one or all consumers can be made better off through trade without harming any other consumers.
Economics -- The study of how a given society allocates scarce resources to meet or satisfy the unlimited wants and need of its members. Profits Macroeconomic terms The difference between sales revenue and the costs of production.
Indirect Business Taxes -- Taxes that tend to be built into the price of a particular good i. Perfect Competition --A market structure where many firms exist, each with a small percentage of market share selling a homogeneous product.
This includes looking at variables like unemployment, GDP and inflation. Fixed Residential Investment -- Additions to the existing stock of housing used to provide housing services. Marginal Revenue --The revenue generated to a firm by selling one more unit of a good or service.
Movement Along the Supply Curve - a change in the quantity supplied of a good that results from a change in the price of that good. Inflation Rate As more paper money is printed, it causes the relative value of the currency to decrease in value. Monetarism - a theory of business cycles, associated primarily with Milton Friedman, that asserts that GDP will grow steadily if the money supply grows steadily.
Price Elasticity of Demand --A measure of sensitivity of quantity demanded to changes in market price. Mutual Fund - a financial intermediary that creates a stock portfolio by buying and holding shares in companies and then selling shares of this portfolio to individual investors.
Opportunity Cost - the real cost of an item: Permanent Income -- Expected levels of individual income that guide consumption expenditure decisions. Long-Term Interest Rate - the interest rate on financial assets that mature a number of years into the future.
Meanwhile, microeconomics looks at economic tendencies, or what can happen when individuals make certain choices.Macroeconomics Terms Paper. The following paper will define 8 key terms related to macroeconomics for the Individual Assignment in ECO Week 1.
Gross Domestic Product (GDP) Gross Domestic Product (GDP) can be defined as the net economic output of a geographical area.
While the precise measurement of GDP is complicated, it can be closely. Macroeconomics. The subdivision of the discipline of economics that studies and strives to explain the functioning of the economy as a Macroeconomic terms -- the total output of the economy, the overall level of employment or unemployment, movements in the average level of prices (inflation or deflation), total savings and investment, total consumption and so on.
A Glossary of Microeconomics Terms Abundance--A physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system. Budget Set--Different bundles of goods and services that are attainable to the consumer at given market prices and the consumer's fixed level of income.
Macroeconomics definition is - a study of economics in terms of whole systems especially with reference to general levels of output and income and to the interrelations among sectors of the economy.
Italicized terms within the definitions are themselves defined elsewhere in the glossary, for cross-reference. Absolute Poverty: Poverty defined with respect to an absolute material standard of living.
Macroeconomics/Glossary. From Wikibooks, open books for an open world Macroeconomics. Business Cycle - the short-run alternative between economic downturns, known as recessions, and economic upturns, Short-Term Interest Rate - the interest rate .Download