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sākt mācīties
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The total amount of output produced in the economy.
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aggregate private spending sākt mācīties
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The sum of all nongovernment spending. Also called private spending.
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aggregate production function sākt mācīties
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The relation between the quantity of aggregate output produced and the quantities of inputs used in production.
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sākt mācīties
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Holdings of central bank money by banks. The difference between what banks receive from depositors and what they lend to firms or hold as bonds.
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sākt mācīties
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A financial asset that promises a stream of known payments over some period of time.
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sākt mācīties
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Money issued by the central bank. Also known as the monetary base and high-powered money.
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Cobb-Douglas production function sākt mācīties
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A production function giving output as a weighted geometric average of labor and capital.
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sākt mācīties
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The cost of a given list of goods and services consumed by a typical urban dweller.
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sākt mācīties
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Goods and services purchased by consumers.
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sākt mācīties
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A function that relates consumption to its determinants.
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consumption of fixed capital sākt mācīties
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sākt mācīties
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A decrease in the exchange rate (E) in a fixed exchange rate system.
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sākt mācīties
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The income that remains once consumers have received transfers from the government and paid their taxes.
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sākt mācīties
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The portion of a corporation’s profits that the firm pays out each period to its shareholders
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sākt mācīties
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The equality between demand and supply.
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equilibrium in the goods market sākt mācīties
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The condition that the supply of goods be equal to the demand for goods.
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sākt mācīties
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The purchases of domestic goods and services by foreigners.
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Federal Reserve Bank (Fed) sākt mācīties
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sākt mācīties
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A government’s choice of taxes and spending.
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foreign direct investment sākt mācīties
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The purchase of existing firms or the development of new firms by foreign investors.
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sākt mācīties
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The ratio of nominal GDP to real GDP; a measure of the overall price level. Gives the average price of the final goods produced in the economy.
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gross domestic product (GDP) sākt mācīties
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A measure of aggregate output in the national income accounts. (The market value of the goods and services produced by labor and property located in the United States.)
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gross domestic product (GDP) (versus gross national product (GNP)) sākt mācīties
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Gross domestic product measures value added domestically. Gross national product measures value added by domestic factors of production.
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sākt mācīties
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The purchases of foreign goods and services by domestic consumers, firms, and the government.
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sākt mācīties
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The flow of revenue from work, rental income, interest, and dividends.
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sākt mācīties
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a sustained rise in the general level of prices.
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International Monetary Fund (IMF) sākt mācīties
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The principal international economic organization. Publishes the World Economic Outlook annually and the International Financial Statistics (IFS) monthly.
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sākt mācīties
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Purchases of new houses and apartments by people, and purchases of new capital goods (machines and plants) by firms.
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sākt mācīties
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downward-sloping curve relating output to the interest rate. The curve corresponding to the IS relation, the equilibrium condition for the goods market
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sākt mācīties
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An equilibrium condition stating that the demand for goods must be equal to the supply of goods, or equivalently that investment must be equal to saving. The equilibrium condition for the goods market.
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sākt mācīties
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A curve depicting the initial deterioration in the trade balance caused by a real depreciation, followed by an improvement in the trade balance.
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sākt mācīties
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An asset is liquid if it can be sold quickly. A financial institution is liquid if it can sell its assets quickly.
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sākt mācīties
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An upward-sloping curve relating the interest rate to output. The curve corresponding to the LM relation, the equilibrium condition for financial markets.
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sākt mācīties
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A period of time extending over decades.
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sākt mācīties
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A period of time between the short run and the long run.
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sākt mācīties
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In the United States, the income that originates in the production of goods and services supplied by residents of the United States.
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sākt mācīties
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The difference between exports and imports. Also called the trade balance.
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sākt mācīties
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In the national income and product accounts, the interest paid by firms minus the interest received by firms, plus interest received from the rest of the world minus interest paid to the rest of the world.
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sākt mācīties
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The sum of the quantities of final goods produced in an economy times their current price. Also known as dollar GDP and GDP in current dollars.
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sākt mācīties
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The interest rate in terms of the national currency (in terms of dollars in the United States). It tells us how many dollars one has to repay in the future in exchange for borrowing one dollar today.
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sākt mācīties
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The difference between actual output and potential output.
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sākt mācīties
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A country’s gross domestic product divided by its population.
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sākt mācīties
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The result that an attempt by people to save more may lead both to a decline in output and to unchanged saving.
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sākt mācīties
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Saving by the private sector. The value of consumers’ disposable income minus their consumption.
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sākt mācīties
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Government revenues minus government spending, excluding interest payments on the debt.
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sākt mācīties
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The relation between the quantity of output and the quantities of inputs used in production.
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propensity to consume (c1) sākt mācīties
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The effect of an additional dollar of disposable income on consumption.
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sākt mācīties
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Saving by the government; equal to government revenues minus government spending. Also called the budget surplus. (A budget deficit represents public dissaving.)
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sākt mācīties
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Income in terms of goods.
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purchasing power parity (PPP) sākt mācīties
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A method of adjustment used to allow for international comparisons of GDP.
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sākt mācīties
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The relative price of domestic goods in terms of foreign goods.
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sākt mācīties
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A measure of aggregate output. The sum of quantities produced in an economy times their price in a base year. Also known as GDP in terms of goods, GDP in constant dollars, or GDP adjusted for inflation.
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sākt mācīties
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The interest rate in terms of goods. It tells us how many goods one has to repay in the future in exchange for borrowing the equivalent one good today.
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sākt mācīties
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A period of negative GDP growth. Usually refers to at least two consecutive quarters of negative GDP growth
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sākt mācīties
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The output of ordinary least squares. Gives the equation corresponding to the estimated relation between variables, together with information about the degree of fit and the relative importance of the different variables.
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sākt mācīties
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The best-fitting line corresponding to the equation obtained by using ordinary least squares.
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sākt mācīties
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The sum of private and public saving, denoted by S.
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sākt mācīties
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A financial asset issued by a firm that promises to pay a sequence of payments, called dividends, in the future. Also called stock.
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sākt mācīties
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A period of time extending over a few years at most.
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sākt mācīties
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The interest rate on a short-term bond (typically a year or less).
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sākt mācīties
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The combination of stagnation and inflation.
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sākt mācīties
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sākt mācīties
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The difference between exports and imports. Also called net exports.
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sākt mācīties
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negative trade balance, that is, imports exceed exports.
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sākt mācīties
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The ratio of the number of unemployed to the labor force.
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sākt mācīties
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The value a firm adds in the production process, equal to the value of its production minus the value of the intermediate inputs it uses in production.
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