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Warm-up One: What does scarcity mean? Something is scarce when it is desirable and limited. Sca...

Budget Balance Difference between what the government spends and what the government brings in. ...

Time Value of Money \( FV = PV\times(1+i)^n\) \(PV = \frac{FV}{(1+i)^n}\) Where: FV = Futur...

Assets, Wealth, & Liabilities A household’s wealth is the value of its accumulated savings...

Functions that feature multiple independent variables. Graphing Always one additional dimensi...

Automatic stabilizers will reduce the multiplier and swings in the business cycle. Non-discr...

Multiplier When there is an increase in the CIGXn, it is going to have a multiplying effect on t...

Short-run Aggregate Supply Curve Upward sloping because nominal wages are sticky. Thus, a h...

Which statement is true about the circular flow diagram of an economy? ...

Inflation General rise in prices over time. Inflation has an effect on wages, income, and borro...

Price Index Measures the cost of purchasing a market basket. Calculate the price of market ba...

National Accounts National accounts are responsible for keeping track of the flow of money among...

Types of Unemployment 1. Frictional Unemployment Workers engaged in job search. 2. Structural ...

Labor Force The sum of employed, and unemployed. Employed Working part time or full time that ...

Single-variable calculus:f : D c R -> R D = domain c = subset R = real numbers f = function ...

Price Floor An established price which is above the equilibrium. Results in a surplus. Calculat...

Supply The amount of a good or service people are willing to sell at a specific price. ...

Market A group of producers and consumers who exchange a good or service for payment. Com...

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