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Textbook Notes for Dr.Edward Steinberg

RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 11: Autonomous Consumption, Disposable And Discretionary Income, Consumption Function

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In the short run, spending depends on income, and income depends on spending. Short-run macro model: macroeconomic model that explains how changes in s
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 7: Market Basket, Price Level, Nominal Interest Rate

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Steinberg chapter 7: the price level & inflation. Price level: the average level of prices in the economy. Index: series of numbers used to track a var
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 10: Loanable Funds, Demand Curve, Potential Output

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Boom: period of time during which real gdp is above potential gdp. While changes in labor productivity can shift the labor demand curve they don"t occu
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 15: Supply Shock, Autonomous Consumption, Money Supply

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Aggregate demand curve summarizes how the price level influences real gdp. A rightward shift of the money demand curve will cause an excess demand for
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 16: Deflation, Potential Output, Demand Shock

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Fed"s primary responsibilities are to maintain a low, stable inflation rate and full employment. An inflation rate higher than expected redistributes r
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 8: Fiscal Policy, Demand Curve, Diminishing Returns

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Steinberg chapter 8: the classical long run model. Classical model: macroeconomic model that explains the long-run behavior of the economy. Over period
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter Ch 1-3: Demand Curve, Inferior Good, Ceteris Paribus

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Economics: the study of choice under conditions of scarcity. Opportunity cost: what we give up when making a choice. When the alternative to a choice a
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 4: Capital Loss, Price Ceiling, Shortage

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When quantity supplied & quantity demanded differ, the short side of the market (smaller quantity), will prevail. Shortage: excess demand not eliminate
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RUTGERS01:220:103Dr.Edward SteinbergSpring

01:220:103 Chapter Notes - Chapter 5-6: Transfer Payment, Potential Output, Business Cycle

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3 important macroeconomic goals: economic growth, full employment, stable prices. Economic growth: the increase in our production of goods and services
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