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Study Guides for ECON1102 at Australian National University

Macroeconomics 1

ECON1102 Study Guide - Final Guide: Wall Street Crash Of 1929, Great Depression, Protectionism
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AA Macro Week 2 KEY TERMS: Banking runs what they are and why they occurred during the Great Depression Deflation what it is and how it affects a macro-economy The Great Crash of 1929 the economics behind its occurr...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Well-Order, Production Function, Open Economy
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Week 1 Summary Positive versus Normative Economics 1. Positive economics is the study of what is - E.g. Do students who attend lectures receive higher grades as compared to those who watch them online? 2. N...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Gap Year, Structural Unemployment, Demand Curve
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Macro AA Summary Week 5: Labour and Unemployment Employed and Unemployed To be classified as employed, a person must have worked only 1 hour or more in the week before the survey. (this is the Australian Bureau of Stat...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Ceteris Paribus, Capital Accumulation, Diminishing Returns
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Economic Growth Economic growth - growth in total (national) real economic output. Change in y between period t and t + 1: (y t+1 yt)/t Maximising Growth One could posit the problem of ...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Net Domestic Product, Transfer Payment, Purchasing Power Parity
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Gross Domestic Product GDP - the market value of the final goods and services produced in an economy over a certain period. A crude measure of individual well-being is to divide GDP by the total population to arrive at mea...

Economics
ECON1102
Cameron
ECON1102 Final: Week 8 Macro
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Week 8: The AD-AS Model The AD-AS model examines how short-run fluctuations in real GDP and the price level occur and how they affect total output. The ADAS Curve v Market DemandSupply Curves The AD curve is built from the...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Macroeconomic Model, Aggregate Demand, Equilibrium Point
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AA Macro Week 7: Aggregate Expenditure (AE) The AD-AS Model We have already seen a long-run macro-economic model; the Sollow-Swan model We will now move toward a short-run macro-economic model; the Aggregate Demand Aggrega...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Fiscal Policy, Output Gap, Aggregate Demand
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AA Macro Summary Week 11 Macroeconomic Policy: Fiscal Policy and Government Budget Constraints Fiscal Policy v Monetary Policy both policies in a macro economic setting are designed to manage the business c...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Monetarism, Macroeconomics, Real Interest Rate
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Macro AA Summary Week 9 Classical Economics Classical Economics is the foundation for the microeconomics we know today There are a few important elements: - First, classical economics is explicitly long-run. This term is u...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Commercial Bank, Excess Reserves, Monetary Base
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Week 10: The Financial Sector and Monetary Policy Money and the Macroeconomy In the long-run money is neutral and simply exists to facilitate exchange in the real economy. In the short-run, money can interact with the real...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Classical Dichotomy, Price Level, Longrun
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AA Macro Summary Week 6: Inflation Inflation a money phenomenon Inflation is a general rise in the price level this affects the money economy NOT the real economy. (i.e. inflation is about changes in prices, not changes in...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Deficit Spending, Ceteris Paribus, Budget Constraint

Fiscal Policy Fiscal Policy v Monetary Policy In terms of short-run business cycle management, monetary policy seeks to influence AD through interest rates, i.e. indirectly. Fiscal policy involves gov. ...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Loanable Funds, Real Interest Rate, Real Business-Cycle Theory

Schools of Macroeconomic Thought Keynes 'General Theory' Keynes' was trying to expand the neoclassical models by proposing a 'General theory' that considered situations where the assumptions of what he consid...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Compound Annual Growth Rate, Budget Constraint, Capital Accumulation

Economic Growth Economic growth - growth in total (national) real economic output. We calculate growth using simple arithmetic of proportionate change in y between period t and t + 1: (y - y )/y ...

Economics
ECON1102
Cameron
ECON1102 Study Guide - Final Guide: Permanent Income Hypothesis, Real Interest Rate, Ceteris Paribus

Aggregate Expenditure in the Short-Run Theory Building: Step 1: Redefinition (the Let's redefine 'Y' (GDP) as aggregate expenditure (AE): the total Aggregate Expenditure amount of spending i...

Economics
ECON1102
Cameron

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