Macroeconomics: A Version of Economics |
Common terms and phrases
accounts aggregate demand aggregate supply analysis analyze assets balance bank reserves billion budget business cycle capital chapter commodities consumers consumption function costs countries currency debt decline deficit demand curve deposits determined disposable income dollar economic growth economists effect efficient equilibrium example expenditure exports factors Federal Reserve Figure firms fiscal policy forecast higher impact important increase industrial inertial inflation inputs investment Keynesian labor level of output lower M₁ macroeconomic major measure ment monetarist monetary policy money supply multiplier model national product natural rate nomic nominal GNP nominal interest rates percent period Phillips curve potential GNP potential output price level profits quantity real GNP real interest rate recession rise saving schedule shift short run shows slope supply and demand supply curve supply-side Table tariffs taxes tend theory tion trade unemployed unemployment unemployment rate United variables wages workers