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Textbook Notes for Dr.Neri

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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Phillips Curve, Money Supply, Rational Expectations

OC2590812 Page
11 Mar 2014
19
The short-run trade-off between inflation and unemployment. Phillips curve: a curve that shows the short-run trade-off between inflation and unemployme
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Federal Funds Rate, Demand For Money, Demand Curve

OC2590812 Page
11 Mar 2014
29
The most important reason for downward sloping ad is the interest-rate effect! Theory of liquidity preference: keynes"s theory that the interest rate a
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Nominal Interest Rate, Real Interest Rate, Gdp Deflator

OC2590812 Page
11 Mar 2014
17
Consumer price index: a measure of the overall cost of goods and services bought by a typical consumer. Fix the basket: see which items are more import
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Ceteris Paribus, Demand Curve, Cable One

OC2590812 Page
11 Mar 2014
8
Market: a group of buyers and sellers of a particular good or service. Buyers/sellers as a group determine the demand/supply of the product. Competitiv
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Marginal Utility, Opportunity Cost, Business Cycle

OC2590812 Page
11 Mar 2014
21
Scarcity: the limited nature of society"s resources. Economics: the study of how society manages scarce resources. No such thing as a free lunch . Effi
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Foreign Portfolio Investment, Open Economy, International Trade

OC2590812 Page
11 Mar 2014
33
Closed economy: an economy that doesn"t interact with other economies in the world. Open economy: an economy that interacts freely with other economies
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Tax Credit, Aggregate Demand, Aggregate Supply

OC2590813 Page
11 Mar 2014
22
Recession: a period of declining real incomes and rising unemployment. Business cycle , but they do not come in regular intervals. Expansion is when bu
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Final Good, Gdp Deflator, Transfer Payment

OC2590812 Page
11 Mar 2014
12
Microeconomics: the study of how households and firms make decisions and how they interact in markets. Macroeconomics: the study of economy-wide phenom
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Opportunity Cost

OC2590811 Page
11 Mar 2014
10
Assumptions: simplify the complex world and make it easier to understand. Different assumption for short run and long run. Models: omit details to show
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UMDECON 201Dr.NeriWinter

ECON 201 Chapter Notes -Exchange Rate, Loanable Funds, Real Interest Rate

OC2590812 Page
11 Mar 2014
11
Loanable funds: the domestically generated flow of resources available for capital accumulation. Demand comes from domestic investment and net capital
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