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Textbook Notes for Economics at University of Pennsylvania (UPENN)


UPENNECON 002Luca BossiSpring

ECON 002 Chapter Notes - Chapter 5: Gdp Deflator, Market Basket, National Income And Product Accounts

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Calculated by dividing a nation"s aggregate income by the number of people in the country. Recessions periods (lasting at least two quarters) in which
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 28: Money Supply, Adaptive Expectations, Real Business-Cycle Theory

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Econ010 chapter 28: inflation, unemployment, and fed policy. Philips curve: shows sr relationship btwn unemployment rate and inflation rate. Structural
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UPENNECON 010AllFall

ECON 010 Chapter Notes - Chapter 1&2: Absolute Advantage, Human Capital, Financial Capital

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Scarcity, which means that although our wants are unlimited, the resources available to fulfill those wants are limited. Economics is the study of the
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 14: Profit Maximization, Perfect Competition, Fixed Cost

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Monopoly: firm that is the only seller of a good/service that does not have a close substitute. Patent: exclusive right t a product for a pd of 20yrs f
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 11: Xscale, Demand Curve, Marginal Revenue

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Point, the firm shuts down production in the short run. Econ010 chapter 11: firms in perfectly competitive markets. Perfectly competitive market: a mar
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 5: Demand Curve, Sneakers, Deadweight Loss

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Externality: benefit or cost that affects someone who is not directly involved in production or consumption of good/service. Private cost: cost borne b
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 27: Aggregate Supply, Loanable Funds, Tax Rate

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Fiscal policy: changes in federal taxes and purchases for macroeconomic objectives. Automatic stabilizers: gov spending and taxes that automatically in
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 9: Path Dependence, Switching Barriers, Qwerty

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Econ010- chapter 9: consumer choice and behavioral economics. Utility: enjoyment of satisfaction people receive from consuming goods/services. Marginal
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UPENNECON 010AllFall

ECON 010 Chapter Notes - Chapter 3: Economic Surplus, Marginal Utility, Demand Curve

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Occasionally, however, consumers succeed in having the government impose a price ceiling, which is a legally determined maximum price that sellers may
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 6: Demand Curve

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Elasticity: a measure of how much one economics variable responds to changes in another economic variable. Elastic demand: demand is elastic when % cha
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 24: Supply Shock, Aggregate Demand, Potential Output

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Econ010 chapter 24: aggregate demand and aggregate supply. Monetary policy: actions by fed to manage money supply and interest rates. Fiscal policy: ch
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UPENNECON 010SakaWinter

ECON 010 Chapter Notes - Chapter 30: Canadian Dollar, Floating Exchange Rate, Exchange Rate

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Floating currency: outcome of a country allowing its currency"s exchange rate to be determined by demand and supply. Exchange rate system: agreement am
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