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Textbook Notes for David Berger

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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 12: Real Interest Rate, Cash Flow, Consumption Function

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Aggregate expenditure model: focuses on relationship between total spending and real gdp in the short-run, assuming price level is constant. Inventorie
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 8 and 10: Black Market, Intermediate Good, Business Cycle

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Consumption, investment, government, net exports, doesn t include household. Chapter 8 and chapter 10: macroeconomics in the short and long run. Busine
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 16: Potential Output, Aggregate Demand, Business Cycle

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Fiscal policy: changes in federal taxes and purchases that are intended to achieve macroeconomic goals. Automatic stabilizers: government spending and
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 6: Sole Proprietorship, Limited Liability, Retained Earnings

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Sole proprietorship: a firm owned by a single individual and not organized as a corporation. Partnership: a firm owned jointly by two or more persons a
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 14: Fractional-Reserve Banking, Money Market Fund, Federal Reserve System

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Barter economy: economy that doesn"t use money people trade goods and services directly for other goods and services. Money: an asset people are genera
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 9: Gdp Deflator, Frictional Unemployment, Structural Unemployment

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U. s. bureau of labor statistics: uses results of household survey to calculate unemployment rate, labor force participation rate, and employment-popul
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 3: Ceteris Paribus, Demand Curve, Substitute Good

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Perfectly competitive market: individual buyer and seller has no effect on the price. Quantity demanded: amount of a good or service consumer is willin
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 2: Comparative Advantage, Pareto Efficiency, Absolute Advantage

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Chapter 2: trade-offs, comparative advantage, and the market system. People who make something own it, and can sell it to people willing to pay. Start
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 4: Deadweight Loss, Economic Surplus, Economic Efficiency

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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 1: Productive Efficiency, Optimal Decision, Marginal Utility

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Economics: study of choices consumers, business managers, and government officials make to attain their goals, gien scarce resources. Scarcity: our wan
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NUECON 201David BergerSpring

ECON 201 Chapter 13: Chapter 13- Aggregate supply and aggregate demand (Macroeconomics Hubbard and O'Brien 6th Edition)

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Ad and as model: explains short-run fluctuations in real gdp and price level. Ad curve: relationship between price level and level of planned aggregate
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NUECON 201David BergerSpring

ECON 201 Chapter Notes - Chapter 11: Technological Change, Diminishing Returns, Human Capital

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Economic growth: increase in gdp per capita, increase in standard of living. Stresses the importance of of changes in per capita per hour worked. And t
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