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Universities » University of Maine (UM) » ECO - Economics » 321 - Intermediate Macroeconomic.. » Flash Cards

Exam I - Flashcards

Flashcard Deck Information

Class:	ECO 321 - Intermediate Macroeconomics
Subject:	Economics
University:	University of Maine
Term:	Fall 2011

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Macroeconomics

Macroeconomics-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the entire economy.

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Microeconomics

Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources.

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GDP

Gross domestic product refers to the market value of all final goods and services produced in a country in a given period.

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Real GDP

Real Gross Domestic Product is a macroeconomic measure of the value of output economy adjusted for price changes (that is, inflation or deflation).

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Constant Dollars

The term constant dollars refers to a metric for valuing the price of something over time, without that metric changing due to inflation or deflation.

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Consumption

Spending by households on durable goods, non-durable goods, and services. Makes up for 70% of GDP

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Investment

Spending by firms on plants, equipment, residential structures, inventories

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Government Spending

Spending by government (Federal, state or local)

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Net Exports

The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.

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Exports

The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country.

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Imports

International trade is exchange of capital, goods, and services across international borders or territories.

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durable goods

In economics, a durable good or a hard good is a good that does not quickly wear out, or more specifically, one that yields utility over time rather than being completely consumed in one use.

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non-durable goods

Non-durable goods are goods which are used up entirely in less than a year, assuming normal or average rate of physical usage.

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Services

Are part of consumption spending, but because nothing is physically produced it is considered a service.

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Transfer Payments

In economics, a transfer payment is a redistribution of income in the market system.

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Trade Surplus

The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.

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Trade Deficit

The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.

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Final Good

In economics final goods are goods that are ultimately consumed rather than used in the production of another good.

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Intermediate Good

Intermediate goods or producer goods are goods used as inputs in the production of other goods, such as partly finished goods.

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Double Counting

Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason.

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Macroeconomics	Macroeconomics-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the entire economy.
Microeconomics	Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources.
GDP	Gross domestic product refers to the market value of all final goods and services produced in a country in a given period.
Real GDP	Real Gross Domestic Product is a macroeconomic measure of the value of output economy adjusted for price changes (that is, inflation or deflation).

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Constant Dollars	The term constant dollars refers to a metric for valuing the price of something over time, without that metric changing due to inflation or deflation.
Consumption	Spending by households on durable goods, non-durable goods, and services. Makes up for 70% of GDP
Investment	Spending by firms on plants, equipment, residential structures, inventories
Government Spending	Spending by government (Federal, state or local)

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Koofers.com

Net Exports	The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.
Exports	The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country.
Imports	International trade is exchange of capital, goods, and services across international borders or territories.
durable goods	In economics, a durable good or a hard good is a good that does not quickly wear out, or more specifically, one that yields utility over time rather than being completely consumed in one use.

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Koofers.com

non-durable goods	Non-durable goods are goods which are used up entirely in less than a year, assuming normal or average rate of physical usage.
Services	Are part of consumption spending, but because nothing is physically produced it is considered a service.
Transfer Payments	In economics, a transfer payment is a redistribution of income in the market system.
Trade Surplus	The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.

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Koofers.com

Trade Deficit	The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.
Final Good	In economics final goods are goods that are ultimately consumed rather than used in the production of another good.
Intermediate Good	Intermediate goods or producer goods are goods used as inputs in the production of other goods, such as partly finished goods.
Double Counting	Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason.

Generated by

Koofers.com

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	Macroeconomics	Macroeconomics-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the entire economy.
	Microeconomics	Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources.
	GDP	Gross domestic product refers to the market value of all final goods and services produced in a country in a given period.
	Real GDP	Real Gross Domestic Product is a macroeconomic measure of the value of output economy adjusted for price changes (that is, inflation or deflation).
	Constant Dollars	The term constant dollars refers to a metric for valuing the price of something over time, without that metric changing due to inflation or deflation.
	Consumption	Spending by households on durable goods, non-durable goods, and services. Makes up for 70% of GDP
	Investment	Spending by firms on plants, equipment, residential structures, inventories
	Government Spending	Spending by government (Federal, state or local)
	Net Exports	The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.
	Exports	The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country.
	Imports	International trade is exchange of capital, goods, and services across international borders or territories.
	durable goods	In economics, a durable good or a hard good is a good that does not quickly wear out, or more specifically, one that yields utility over time rather than being completely consumed in one use.
	non-durable goods	Non-durable goods are goods which are used up entirely in less than a year, assuming normal or average rate of physical usage.
	Services	Are part of consumption spending, but because nothing is physically produced it is considered a service.
	Transfer Payments	In economics, a transfer payment is a redistribution of income in the market system.
	Trade Surplus	The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.
	Trade Deficit	The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period.
	Final Good	In economics final goods are goods that are ultimately consumed rather than used in the production of another good.
	Intermediate Good	Intermediate goods or producer goods are goods used as inputs in the production of other goods, such as partly finished goods.
	Double Counting	Double counting in accounting is an error whereby a transaction is counted more than once, for whatever reason.

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