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Econ Concept Map
1
GDP
Fiscal Policy
Econ 203 Topics
Inflation
Aggregate
Supply
Monetary Policy
Aggregate Demand
Aggregate Demand
- total quantity of good and services demanded
- determinants of AD
consumer spending, investment, government spending, net exports
- demand shock
- efficiency wages
- menu costs
- shifts
Aggregate Demand
Aggregate Supply
-- Short Run aggregate Supply
- Shifts
Technology
Wages
Physical Capitol
--Long Run aggregate supply
-Shifts
Physical Capitol
Aggregate Supply
GDP
- Consumption
- Investment
- Government Spending
- Net Exports
- Nominal GDP
- Real GDP
- Non-market activities
- Gross National Product
Fiscal Policy
-Expansionary and Contractionary Fiscal policies
- Budget deficit
- Budget Surplus
- Crowding out effect
- Interest rate effect
- Real Balance effect
Fiscal
Policy
Inflation
- Deflation
-Disinflation
-Stagflation
- HyperInflation
- Contractionary and
Expansionary policies
Monetary Policy
- the reserve requirement
- open market operations
- discount rate
- interest on reserves
- Expansionary and contractionary
- Central bank
- Federal Reserve