Symbols
A
A.W. Phillips
12.3 The Phillips Curve
Abhijit Bannerjee
19.2 Improving Countries’ Standards of Living
Abraham García
7.3 Components of Economic Growth
absolute advantage
20.1 Absolute and Comparative Advantage
Adam Smith
1.1 What Is Economics, and Why Is It Important?,
2.3 Confronting Objections to the Economic Approach,
11.1 Macroeconomic Perspectives on Demand and Supply
adaptive expectations
13.1 The Building Blocks of Neoclassical Analysis
adjustable-rate mortgage (ARM)
9.5 Indexing and Its Limitations
adverse selection of wage cuts argument
8.3 What Causes Changes in Unemployment over the Short Run
aggregate demand
Introduction to the Aggregate Supply–Aggregate Demand Model,
12.1 Aggregate Demand in Keynesian Analysis,
13.1 The Building Blocks of Neoclassical Analysis,
13.2 The Policy Implications of the Neoclassical Perspective,
13.2 The Policy Implications of the Neoclassical Perspective,
15.3 How a Central Bank Executes Monetary Policy,
15.5 Pitfalls for Monetary Policy,
16.3 Macroeconomic Effects of Exchange Rates,
17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation,
19.3 Causes of Unemployment around the World,
Appendix B The Expenditure-Output Model
aggregate demand (AD)
Introduction to the Macroeconomic Perspective,
11.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate demand (AD) curve
11.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate demand/aggregate supply (AD/AS)
Introduction to Money and Banking
aggregate demand/aggregate supply model
11.2 Building a Model of Aggregate Demand and Aggregate Supply,
13.1 The Building Blocks of Neoclassical Analysis
aggregate expenditure function
Appendix B The Expenditure-Output Model
aggregate expenditure line
Appendix B The Expenditure-Output Model
aggregate expenditure schedule
Appendix B The Expenditure-Output Model
aggregate expenditures
Appendix B The Expenditure-Output Model
aggregate production function
7.2 Labor Productivity and Economic Growth,
7.3 Components of Economic Growth,
7.4 Economic Convergence
aggregate supply
Introduction to the Aggregate Supply–Aggregate Demand Model,
13.1 The Building Blocks of Neoclassical Analysis,
17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
aggregate supply (AS)
Introduction to the Macroeconomic Perspective,
11.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate supply (AS) curve
11.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate supply curve
13.2 The Policy Implications of the Neoclassical Perspective
Alexander Gerschenkron
7.4 Economic Convergence
Alfred Marshall
3.5 Demand, Supply, and Efficiency
Allocative efficiency
2.2 The Production Possibilities Frontier and Social Choices
American Recovery and Reinvestment Act of 2009
12.2 The Building Blocks of Keynesian Analysis
ample reserves
14.3 The Role of Banks
Anti-dumping laws
21.3 Arguments in Support of Restricting Imports
appreciating
16.1 How the Foreign Exchange Market Works
Asian Financial Crisis
19.5 Balance of Trade Concerns
asset
14.3 The Role of Banks
asset-liability time mismatch
14.3 The Role of Banks
assets
15.2 Bank Regulation
B
balance of payments
10.3 Trade Balances and Flows of Financial Capital
balance of trade
Introduction to the International Trade and Capital Flows,
10.6 The Difference between Level of Trade and the Trade Balance,
16.4 Exchange Rate Policies
balance sheet
14.3 The Role of Banks
Bank regulation
15.2 Bank Regulation
bank run
15.2 Bank Regulation
base year
9.1 Tracking Inflation
basic quantity equation of money
15.5 Pitfalls for Monetary Policy
basket of goods and services
9.1 Tracking Inflation
bonds
9.5 Indexing and Its Limitations,
14.3 The Role of Banks,
15.3 How a Central Bank Executes Monetary Policy
budget constraint
2.1 How Individuals Make Choices Based on Their Budget Constraint
budget deficit
17.1 Government Spending
budget surplus
17.1 Government Spending
Bureau of Economic Analysis (BEA)
10.1 Measuring Trade Balances
Bureau of Labor Statistics
6.5 How Well GDP Measures the Well-Being of Society
business confidence
11.4 Shifts in Aggregate Demand
business cycle
6.3 Tracking Real GDP over Time
C
capital deepening
7.3 Components of Economic Growth
central bank
15.1 The Federal Reserve Banking System and Central Banks,
15.5 Pitfalls for Monetary Policy,
16.3 Macroeconomic Effects of Exchange Rates,
16.4 Exchange Rate Policies
certificates of deposit (CDs)
14.2 Measuring Money: Currency, M1, and M2
ceteris paribus
3.2 Shifts in Demand and Supply for Goods and Services,
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process,
4.1 Demand and Supply at Work in Labor Markets
circular flow diagram
1.3 How Economists Use Theories and Models to Understand Economic Issues
coins and currency in circulation
14.2 Measuring Money: Currency, M1, and M2
command economy
1.4 How To Organize Economies: An Overview of Economic Systems
commodity money
14.1 Defining Money by Its Functions
Commodity-backed currencies
14.1 Defining Money by Its Functions
comparative advantage
1.1 What Is Economics, and Why Is It Important?,
2.2 The Production Possibilities Frontier and Social Choices,
10.3 Trade Balances and Flows of Financial Capital,
20.1 Absolute and Comparative Advantage,
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
compound growth rate
7.2 Labor Productivity and Economic Growth
Constant unitary elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
consumer confidence
11.4 Shifts in Aggregate Demand
Consumer Price Index (CPI)
9.2 How to Measure Changes in the Cost of Living
consumer surplus
3.5 Demand, Supply, and Efficiency,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
consumption budget constraint
2.2 The Production Possibilities Frontier and Social Choices
consumption demand
6.1 Measuring the Size of the Economy: Gross Domestic Product
consumption function
Appendix B The Expenditure-Output Model
contractionary fiscal policy
12.3 The Phillips Curve,
17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
contractionary monetary policy
15.4 Monetary Policy and Economic Outcomes,
16.4 Exchange Rate Policies,
18.4 Fiscal Policy, Investment, and Economic Growth
contractual rights
7.1 The Relatively Recent Arrival of Economic Growth
convergence
7.4 Economic Convergence
converging economy
19.4 Causes of Inflation in Various Countries and Regions
coordination argument
12.2 The Building Blocks of Keynesian Analysis
core competency
1.1 What Is Economics, and Why Is It Important?
core inflation index
9.2 How to Measure Changes in the Cost of Living
corporate income tax
17.2 Taxation
cost of living
9.2 How to Measure Changes in the Cost of Living
cost-of-living adjustments (COLAs)
9.5 Indexing and Its Limitations
countercyclical
15.4 Monetary Policy and Economic Outcomes
COVID-19 pandemic
19.3 Causes of Unemployment around the World
credit card
14.2 Measuring Money: Currency, M1, and M2
credit union
14.3 The Role of Banks
cross-price elasticity of demand
5.4 Elasticity in Areas Other Than Price
crowding out
17.6 Practical Problems with Discretionary Fiscal Policy,
18.4 Fiscal Policy, Investment, and Economic Growth
current account balance
10.1 Measuring Trade Balances
D
David Ricardo
20.1 Absolute and Comparative Advantage
deadweight loss
3.5 Demand, Supply, and Efficiency
debit card
14.2 Measuring Money: Currency, M1, and M2
deflation
9.3 How the U.S. and Other Countries Experience Inflation,
15.5 Pitfalls for Monetary Policy
demand
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
6.1 Measuring the Size of the Economy: Gross Domestic Product,
11.1 Macroeconomic Perspectives on Demand and Supply,
Introduction to Exchange Rates and International Capital Flows
demand and supply diagram
3.5 Demand, Supply, and Efficiency
demand and supply models
4.3 The Market System as an Efficient Mechanism for Information
demand curve
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.2 Shifts in Demand and Supply for Goods and Services,
5.1 Price Elasticity of Demand and Price Elasticity of Supply,
5.2 Polar Cases of Elasticity and Constant Elasticity,
16.2 Demand and Supply Shifts in Foreign Exchange Markets,
18.4 Fiscal Policy, Investment, and Economic Growth,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
demand deposits
14.2 Measuring Money: Currency, M1, and M2
deposit insurance
15.2 Bank Regulation
depository institutions
14.3 The Role of Banks
depreciating
16.1 How the Foreign Exchange Market Works
direct investment
16.4 Exchange Rate Policies
discount rate
15.3 How a Central Bank Executes Monetary Policy
Discouraged workers
8.1 How Economists Define and Compute Unemployment Rate
discretionary fiscal policy
17.5 Automatic Stabilizers,
19.3 Causes of Unemployment around the World
disposable income
12.1 Aggregate Demand in Keynesian Analysis
disruptive market change
21.5 The Tradeoffs of Trade Policy
diversify
14.3 The Role of Banks
division of labor
1.1 What Is Economics, and Why Is It Important?,
20.3 Intra-Industry Trade between Similar Economies
double coincidence of wants
14.1 Defining Money by Its Functions
double counting
6.1 Measuring the Size of the Economy: Gross Domestic Product
Dow Jones
15.5 Pitfalls for Monetary Policy
E
East Asian Tigers
19.2 Improving Countries’ Standards of Living
economic efficiency
2.3 Confronting Objections to the Economic Approach
economic growth
Introduction to Money and Banking
economic surplus
3.5 Demand, Supply, and Efficiency
economies of scale
1.1 What Is Economics, and Why Is It Important?,
20.3 Intra-Industry Trade between Similar Economies
efficiency
3.5 Demand, Supply, and Efficiency
Efficiency wage theory
8.3 What Causes Changes in Unemployment over the Short Run
Elasticity
Introduction to Elasticity
elasticity of savings
5.4 Elasticity in Areas Other Than Price
Employment Cost Index
9.2 How to Measure Changes in the Cost of Living
equilibrium
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.5 Demand, Supply, and Efficiency,
4.1 Demand and Supply at Work in Labor Markets,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
Appendix B The Expenditure-Output Model
equilibrium exchange rate
16.2 Demand and Supply Shifts in Foreign Exchange Markets
equilibrium price
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
equilibrium quantity
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
estate and gift tax
17.2 Taxation
Esther Duflo
19.2 Improving Countries’ Standards of Living
European Union (EU)
3.4 Price Ceilings and Price Floors
excess reserves
15.5 Pitfalls for Monetary Policy
exchange rate
6.4 Comparing GDP among Countries,
Introduction to Exchange Rates and International Capital Flows,
18.2 Fiscal Policy and the Trade Balance
exchange rates
15.5 Pitfalls for Monetary Policy
excise tax
17.2 Taxation
expansionary fiscal policy
12.3 The Phillips Curve,
17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
expansionary monetary policy
15.4 Monetary Policy and Economic Outcomes,
16.4 Exchange Rate Policies,
18.4 Fiscal Policy, Investment, and Economic Growth,
19.3 Causes of Unemployment around the World
expected inflation
13.2 The Policy Implications of the Neoclassical Perspective
expenditure multiplier
12.2 The Building Blocks of Keynesian Analysis
expenditure-output model
Appendix B The Expenditure-Output Model
Exports
1.4 How To Organize Economies: An Overview of Economic Systems,
10.1 Measuring Trade Balances,
11.2 Building a Model of Aggregate Demand and Aggregate Supply,
12.1 Aggregate Demand in Keynesian Analysis,
16.3 Macroeconomic Effects of Exchange Rates
exports of goods and services as a percentage of GDP
10.2 Trade Balances in Historical and International Context
F
factors of production
3.2 Shifts in Demand and Supply for Goods and Services
Federal Deposit Insurance Corporation (FDIC)
15.2 Bank Regulation
federal funds rate
15.4 Monetary Policy and Economic Outcomes
Federal Open Market Committee (FOMC)
15.3 How a Central Bank Executes Monetary Policy
Federal Reserve
15.1 The Federal Reserve Banking System and Central Banks,
15.2 Bank Regulation,
15.5 Pitfalls for Monetary Policy,
18.4 Fiscal Policy, Investment, and Economic Growth,
19.5 Balance of Trade Concerns
Federal Reserve Bank
14.2 Measuring Money: Currency, M1, and M2
Federal Reserve Economic Data (FRED)
8.2 Patterns of Unemployment,
16.1 How the Foreign Exchange Market Works,
16.4 Exchange Rate Policies
fiat money
14.1 Defining Money by Its Functions
final goods and services
6.1 Measuring the Size of the Economy: Gross Domestic Product
financial capital
4.2 Demand and Supply in Financial Markets,
10.3 Trade Balances and Flows of Financial Capital,
10.4 The National Saving and Investment Identity,
15.5 Pitfalls for Monetary Policy,
18.1 How Government Borrowing Affects Investment and the Trade Balance
financial capital market
10.4 The National Saving and Investment Identity
financial capital markets
17.6 Practical Problems with Discretionary Fiscal Policy,
18.1 How Government Borrowing Affects Investment and the Trade Balance
financial intermediary
14.3 The Role of Banks
firm
2.2 The Production Possibilities Frontier and Social Choices,
3.2 Shifts in Demand and Supply for Goods and Services
fiscal policy
1.2 Microeconomics and Macroeconomics,
Introduction to Government Budgets and Fiscal Policy,
19.3 Causes of Unemployment around the World
floating exchange rate
16.4 Exchange Rate Policies
Foreign direct investment (FDI)
16.1 How the Foreign Exchange Market Works
foreign exchange market
16.1 How the Foreign Exchange Market Works,
16.2 Demand and Supply Shifts in Foreign Exchange Markets
foreign financial capital
10.4 The National Saving and Investment Identity
foreign investment capital
16.3 Macroeconomic Effects of Exchange Rates
free trade agreements
21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
frictional unemployment
8.4 What Causes Changes in Unemployment over the Long Run
full-employment GDP
11.2 Building a Model of Aggregate Demand and Aggregate Supply
G
gain from trade
20.1 Absolute and Comparative Advantage
GDP
16.1 How the Foreign Exchange Market Works,
16.2 Demand and Supply Shifts in Foreign Exchange Markets
GDP deflator
6.2 Adjusting Nominal Values to Real Values,
9.2 How to Measure Changes in the Cost of Living
GDP per capita
6.4 Comparing GDP among Countries,
6.5 How Well GDP Measures the Well-Being of Society,
7.3 Components of Economic Growth,
11.3 Shifts in Aggregate Supply,
19.1 The Diversity of Countries and Economies across the World
General Agreement on Tariffs and Trade (GATT)
21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
globalization
1.4 How To Organize Economies: An Overview of Economic Systems,
Introduction to International Trade,
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
goods and services market
1.3 How Economists Use Theories and Models to Understand Economic Issues
Great Depression
6.3 Tracking Real GDP over Time,
11.1 Macroeconomic Perspectives on Demand and Supply,
Introduction to the Neoclassical Perspective,
13.3 Balancing Keynesian and Neoclassical Models,
Introduction to International Trade
Great Recession
6.1 Measuring the Size of the Economy: Gross Domestic Product,
6.3 Tracking Real GDP over Time,
9.3 How the U.S. and Other Countries Experience Inflation,
Introduction to the Neoclassical Perspective
gross domestic product (GDP)
6.1 Measuring the Size of the Economy: Gross Domestic Product
Gross domestic product (GDP)
1.4 How To Organize Economies: An Overview of Economic Systems
gross national product (GNP)
6.1 Measuring the Size of the Economy: Gross Domestic Product
growth consensus
19.2 Improving Countries’ Standards of Living
H
hard peg
16.4 Exchange Rate Policies
Head Start program
18.4 Fiscal Policy, Investment, and Economic Growth
hidden unemployment
8.1 How Economists Define and Compute Unemployment Rate
High-income countries
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
21.3 Arguments in Support of Restricting Imports
Human capital
7.2 Labor Productivity and Economic Growth,
7.3 Components of Economic Growth,
13.1 The Building Blocks of Neoclassical Analysis,
17.7 The Question of a Balanced Budget,
18.4 Fiscal Policy, Investment, and Economic Growth,
19.2 Improving Countries’ Standards of Living
hyperinflation
9.3 How the U.S. and Other Countries Experience Inflation
I
implementation lag
17.6 Practical Problems with Discretionary Fiscal Policy
implicit contract
8.3 What Causes Changes in Unemployment over the Short Run
Imports
1.4 How To Organize Economies: An Overview of Economic Systems,
10.1 Measuring Trade Balances,
11.2 Building a Model of Aggregate Demand and Aggregate Supply,
12.1 Aggregate Demand in Keynesian Analysis,
20.2 What Happens When a Country Has an Absolute Advantage in All Goods
income elasticity of demand
5.4 Elasticity in Areas Other Than Price
income payments
10.1 Measuring Trade Balances
index number
9.1 Tracking Inflation
indexed
9.5 Indexing and Its Limitations
individual income tax
17.2 Taxation
Industrial Revolution
7.1 The Relatively Recent Arrival of Economic Growth
inelastic demand
5.1 Price Elasticity of Demand and Price Elasticity of Supply
inelastic supply
5.1 Price Elasticity of Demand and Price Elasticity of Supply
infant industry argument
19.5 Balance of Trade Concerns,
21.3 Arguments in Support of Restricting Imports
inferior good
3.2 Shifts in Demand and Supply for Goods and Services,
5.4 Elasticity in Areas Other Than Price
Infinite elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
Inflation
Introduction to Inflation,
Introduction to the Aggregate Supply–Aggregate Demand Model,
11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation,
12.3 The Phillips Curve,
Introduction to Money and Banking,
15.1 The Federal Reserve Banking System and Central Banks,
19.4 Causes of Inflation in Various Countries and Regions
inflation rate
15.4 Monetary Policy and Economic Outcomes
inflation targeting
15.5 Pitfalls for Monetary Policy
inflationary gap
12.1 Aggregate Demand in Keynesian Analysis,
Appendix B The Expenditure-Output Model
innovation
7.2 Labor Productivity and Economic Growth
insider-outsider model
8.3 What Causes Changes in Unemployment over the Short Run
interbank market
16.1 How the Foreign Exchange Market Works
interest rate
4.2 Demand and Supply in Financial Markets,
12.1 Aggregate Demand in Keynesian Analysis
interest rate on reserve balances (IORB)
15.3 How a Central Bank Executes Monetary Policy
interest rates
15.1 The Federal Reserve Banking System and Central Banks,
15.4 Monetary Policy and Economic Outcomes
intermediate goods
6.1 Measuring the Size of the Economy: Gross Domestic Product
intermediate zone
11.6 Keynes’ Law and Say’s Law in the AD/AS Model
international capital flows
16.4 Exchange Rate Policies
international financial flows
16.4 Exchange Rate Policies
International Price Index
9.2 How to Measure Changes in the Cost of Living
international trade
16.3 Macroeconomic Effects of Exchange Rates,
20.3 Intra-Industry Trade between Similar Economies,
21.5 The Tradeoffs of Trade Policy
intertemporal choices
2.3 Confronting Objections to the Economic Approach
intertemporal decision making
4.2 Demand and Supply in Financial Markets
intra-industry trade
20.3 Intra-Industry Trade between Similar Economies
Investment demand
6.1 Measuring the Size of the Economy: Gross Domestic Product
Investment expenditure
6.1 Measuring the Size of the Economy: Gross Domestic Product,
12.1 Aggregate Demand in Keynesian Analysis
investment function
Appendix B The Expenditure-Output Model
investment income
10.3 Trade Balances and Flows of Financial Capital
invisible hand
2.3 Confronting Objections to the Economic Approach
involuntary unemployment
8.3 What Causes Changes in Unemployment over the Short Run
J
James Tobin
16.4 Exchange Rate Policies
Jan Luiten van Zanden
7.1 The Relatively Recent Arrival of Economic Growth
Jean-Baptiste Say
11.1 Macroeconomic Perspectives on Demand and Supply
K
key input
5.3 Elasticity and Pricing
Keynes’ law
11.1 Macroeconomic Perspectives on Demand and Supply,
11.6 Keynes’ Law and Say’s Law in the AD/AS Model
Keynesian aggregate supply curve
15.4 Monetary Policy and Economic Outcomes
Keynesian cross diagram
Appendix B The Expenditure-Output Model
Keynesian economic model
19.3 Causes of Unemployment around the World
Keynesian economics
13.1 The Building Blocks of Neoclassical Analysis,
13.3 Balancing Keynesian and Neoclassical Models
Keynesian macroeconomic policy
17.7 The Question of a Balanced Budget
Keynesian zone
11.6 Keynes’ Law and Say’s Law in the AD/AS Model
L
labor force participation rate
8.1 How Economists Define and Compute Unemployment Rate
labor market
1.3 How Economists Use Theories and Models to Understand Economic Issues,
4.1 Demand and Supply at Work in Labor Markets,
8.3 What Causes Changes in Unemployment over the Short Run
labor markets
9.4 The Confusion Over Inflation
Labor productivity
7.2 Labor Productivity and Economic Growth
law of demand
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
4.2 Demand and Supply in Financial Markets
law of diminishing marginal utility
2.1 How Individuals Make Choices Based on Their Budget Constraint
law of diminishing returns
7.4 Economic Convergence
legislative lag
17.6 Practical Problems with Discretionary Fiscal Policy
lender of last resort
15.2 Bank Regulation
leverage cycle
15.5 Pitfalls for Monetary Policy
liability
14.3 The Role of Banks
limited reserves
14.3 The Role of Banks
living wage
4.1 Demand and Supply at Work in Labor Markets
loan market
14.3 The Role of Banks
long run aggregate supply (LRAS) curve
11.2 Building a Model of Aggregate Demand and Aggregate Supply
loose monetary policy
15.4 Monetary Policy and Economic Outcomes
M
M1 money supply
14.2 Measuring Money: Currency, M1, and M2
M2 money supply
14.2 Measuring Money: Currency, M1, and M2
macroeconomic externality
12.2 The Building Blocks of Keynesian Analysis
Macroeconomics
1.2 Microeconomics and Macroeconomics
marginal analysis
2.1 How Individuals Make Choices Based on Their Budget Constraint
marginal propensity to consume (MPC)
Appendix B The Expenditure-Output Model
marginal propensity to import (MPI)
Appendix B The Expenditure-Output Model
marginal propensity to save (MPS)
Appendix B The Expenditure-Output Model
marginal tax rates
17.2 Taxation
market economy
1.4 How To Organize Economies: An Overview of Economic Systems,
2.2 The Production Possibilities Frontier and Social Choices,
8.4 What Causes Changes in Unemployment over the Long Run,
9.4 The Confusion Over Inflation
medium of exchange
14.1 Defining Money by Its Functions
merchandise trade balance
10.1 Measuring Trade Balances
merged currency
16.4 Exchange Rate Policies
Microeconomics
1.2 Microeconomics and Macroeconomics
Midpoint Formula
5.1 Price Elasticity of Demand and Price Elasticity of Supply
Midpoint Method
5.1 Price Elasticity of Demand and Price Elasticity of Supply,
5.1 Price Elasticity of Demand and Price Elasticity of Supply
Milton Friedman
13.2 The Policy Implications of the Neoclassical Perspective,
15.5 Pitfalls for Monetary Policy,
16.4 Exchange Rate Policies
minimum wage
4.1 Demand and Supply at Work in Labor Markets,
8.3 What Causes Changes in Unemployment over the Short Run,
9.4 The Confusion Over Inflation,
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
modern economic growth
7.1 The Relatively Recent Arrival of Economic Growth
monetary policy
1.2 Microeconomics and Macroeconomics,
15.1 The Federal Reserve Banking System and Central Banks,
15.3 How a Central Bank Executes Monetary Policy,
16.4 Exchange Rate Policies
money market funds
14.2 Measuring Money: Currency, M1, and M2
money multiplier
15.5 Pitfalls for Monetary Policy
money multiplier formula
14.4 How Banks Create Money
multiplier effect
Appendix B The Expenditure-Output Model
N
National Bureau of Economic Research
19.5 Balance of Trade Concerns
National Bureau of Economic Research (NBER)
6.3 Tracking Real GDP over Time
National Credit Union Administration (NCUA)
15.2 Bank Regulation
national debt
17.3 Federal Deficits and the National Debt
national income
6.1 Measuring the Size of the Economy: Gross Domestic Product,
6.1 Measuring the Size of the Economy: Gross Domestic Product,
Appendix B The Expenditure-Output Model
national interest argument
21.3 Arguments in Support of Restricting Imports
national saving and investment identity
10.4 The National Saving and Investment Identity
natural rate of unemployment
8.4 What Causes Changes in Unemployment over the Long Run,
11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation,
13.2 The Policy Implications of the Neoclassical Perspective
negative slope
Appendix A The Use of Mathematics in Principles of Economics
neoclassical determinants of growth
19.1 The Diversity of Countries and Economies across the World
neoclassical economists
11.1 Macroeconomic Perspectives on Demand and Supply
neoclassical model
15.5 Pitfalls for Monetary Policy
neoclassical perspective
13.1 The Building Blocks of Neoclassical Analysis
neoclassical zone
11.6 Keynes’ Law and Say’s Law in the AD/AS Model
net national product (NNP)
6.1 Measuring the Size of the Economy: Gross Domestic Product
nominal value
6.2 Adjusting Nominal Values to Real Values
nondurable goods
6.1 Measuring the Size of the Economy: Gross Domestic Product
Nontariff barriers
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
normal goods
5.4 Elasticity in Areas Other Than Price
normative statements
2.3 Confronting Objections to the Economic Approach
North American Free Trade Agreement (NAFTA)
19.5 Balance of Trade Concerns,
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions,
21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
O
open market operations
15.3 How a Central Bank Executes Monetary Policy
opportunity cost
2.1 How Individuals Make Choices Based on Their Budget Constraint,
Introduction to Unemployment,
16.4 Exchange Rate Policies,
20.1 Absolute and Comparative Advantage,
20.2 What Happens When a Country Has an Absolute Advantage in All Goods,
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
out of the labor force
8.1 How Economists Define and Compute Unemployment Rate
Oxfam International
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
P
payment system
14.3 The Role of Banks
payroll tax
17.2 Taxation
pensions
9.4 The Confusion Over Inflation
per capita GDP
10.5 The Pros and Cons of Trade Deficits and Surpluses
Per capita GDP
9.1 Tracking Inflation
percentage change
9.1 Tracking Inflation
perfect elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
perfect inelasticity
5.2 Polar Cases of Elasticity and Constant Elasticity
Pew Research Center for People and the Press
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
Phillips curve
12.3 The Phillips Curve,
13.2 The Policy Implications of the Neoclassical Perspective
physical capital
7.3 Components of Economic Growth,
18.4 Fiscal Policy, Investment, and Economic Growth,
19.2 Improving Countries’ Standards of Living
Physical capital per person
13.1 The Building Blocks of Neoclassical Analysis
Pierre Mohnen
7.3 Components of Economic Growth
positive slope
Appendix A The Use of Mathematics in Principles of Economics
positive statements
2.3 Confronting Objections to the Economic Approach
potential GDP
11.2 Building a Model of Aggregate Demand and Aggregate Supply,
12.1 Aggregate Demand in Keynesian Analysis,
12.3 The Phillips Curve,
13.1 The Building Blocks of Neoclassical Analysis,
15.4 Monetary Policy and Economic Outcomes,
15.5 Pitfalls for Monetary Policy,
Appendix B The Expenditure-Output Model
price
2.1 How Individuals Make Choices Based on Their Budget Constraint,
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.2 Shifts in Demand and Supply for Goods and Services
price control
3.5 Demand, Supply, and Efficiency
price controls
3.4 Price Ceilings and Price Floors,
4.3 The Market System as an Efficient Mechanism for Information
Price elasticity
5.1 Price Elasticity of Demand and Price Elasticity of Supply
price elasticity of demand
5.1 Price Elasticity of Demand and Price Elasticity of Supply
price elasticity of supply
5.1 Price Elasticity of Demand and Price Elasticity of Supply
price level
9.1 Tracking Inflation
private enterprise
1.4 How To Organize Economies: An Overview of Economic Systems
private markets
9.5 Indexing and Its Limitations
Producer Price Index (PPI)
9.2 How to Measure Changes in the Cost of Living
producer surplus
3.5 Demand, Supply, and Efficiency,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
production function
7.2 Labor Productivity and Economic Growth
production possibilities frontier (PPF)
2.2 The Production Possibilities Frontier and Social Choices
production possibility frontier (PPF)
20.1 Absolute and Comparative Advantage
Productive efficiency
2.2 The Production Possibilities Frontier and Social Choices
progressive tax
17.2 Taxation
property rights
7.1 The Relatively Recent Arrival of Economic Growth
proportional tax
17.2 Taxation
protectionism
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers,
21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
purchasing power parity
19.1 The Diversity of Countries and Economies across the World
purchasing power parity (PPP)
6.4 Comparing GDP among Countries,
16.2 Demand and Supply Shifts in Foreign Exchange Markets
Q
quality/new goods bias
9.2 How to Measure Changes in the Cost of Living
quantitative easing (QE)
15.3 How a Central Bank Executes Monetary Policy
R
race to the bottom
21.3 Arguments in Support of Restricting Imports
rational expectations
13.1 The Building Blocks of Neoclassical Analysis
real GDP
6.2 Adjusting Nominal Values to Real Values,
Introduction to the International Trade and Capital Flows,
10.5 The Pros and Cons of Trade Deficits and Surpluses,
12.1 Aggregate Demand in Keynesian Analysis,
13.1 The Building Blocks of Neoclassical Analysis,
15.5 Pitfalls for Monetary Policy,
15.5 Pitfalls for Monetary Policy,
Appendix B The Expenditure-Output Model
real interest rate
9.4 The Confusion Over Inflation
real value
6.2 Adjusting Nominal Values to Real Values
recession
6.3 Tracking Real GDP over Time,
8.2 Patterns of Unemployment,
11.1 Macroeconomic Perspectives on Demand and Supply,
11.4 Shifts in Aggregate Demand,
12.2 The Building Blocks of Keynesian Analysis,
15.5 Pitfalls for Monetary Policy,
18.2 Fiscal Policy and the Trade Balance,
19.3 Causes of Unemployment around the World
recessionary gap
12.1 Aggregate Demand in Keynesian Analysis,
Appendix B The Expenditure-Output Model
recognition lag
17.6 Practical Problems with Discretionary Fiscal Policy
regressive tax
17.2 Taxation
relative wage coordination argument
8.3 What Causes Changes in Unemployment over the Short Run
reserve requirement
15.3 How a Central Bank Executes Monetary Policy
reserves
14.3 The Role of Banks,
15.2 Bank Regulation,
15.3 How a Central Bank Executes Monetary Policy,
16.4 Exchange Rate Policies
Ricardian equivalence
18.3 How Government Borrowing Affects Private Saving
Richard Easterlin
7.1 The Relatively Recent Arrival of Economic Growth
Robert Shiller
9.4 The Confusion Over Inflation
Robert Solow
13.3 Balancing Keynesian and Neoclassical Models
S
savings deposits
14.2 Measuring Money: Currency, M1, and M2
Say’s law
11.1 Macroeconomic Perspectives on Demand and Supply,
11.6 Keynes’ Law and Say’s Law in the AD/AS Model
Scarcity
1.1 What Is Economics, and Why Is It Important?,
2.3 Confronting Objections to the Economic Approach
Sebastian Edwards
19.5 Balance of Trade Concerns
Securitization
14.3 The Role of Banks
services
6.1 Measuring the Size of the Economy: Gross Domestic Product,
12.1 Aggregate Demand in Keynesian Analysis
shift in demand
3.2 Shifts in Demand and Supply for Goods and Services
shift in supply
3.2 Shifts in Demand and Supply for Goods and Services
short run aggregate supply (SRAS) curve
11.2 Building a Model of Aggregate Demand and Aggregate Supply
shortages
9.4 The Confusion Over Inflation
slope
2.2 The Production Possibilities Frontier and Social Choices,
Appendix A The Use of Mathematics in Principles of Economics
smart card
14.2 Measuring Money: Currency, M1, and M2
Social Security Indexing Act of 1972
9.5 Indexing and Its Limitations
social surplus
3.5 Demand, Supply, and Efficiency
soft peg
16.4 Exchange Rate Policies
special economic zones (SEZ)
7.3 Components of Economic Growth
specialization
1.1 What Is Economics, and Why Is It Important?,
20.1 Absolute and Comparative Advantage
splitting up the value chain
20.3 Intra-Industry Trade between Similar Economies
standard of deferred payment
14.1 Defining Money by Its Functions
standard of living
6.5 How Well GDP Measures the Well-Being of Society
standardized employment budget
17.5 Automatic Stabilizers
standards of living
19.1 The Diversity of Countries and Economies across the World
sticky wages and prices
12.2 The Building Blocks of Keynesian Analysis
store of value
14.1 Defining Money by Its Functions
straight-line demand curve
5.1 Price Elasticity of Demand and Price Elasticity of Supply
structural unemployment
8.4 What Causes Changes in Unemployment over the Long Run
subprime loans
14.3 The Role of Banks
substitution bias
9.2 How to Measure Changes in the Cost of Living
supply
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
11.1 Macroeconomic Perspectives on Demand and Supply,
Introduction to Exchange Rates and International Capital Flows
supply curve
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
3.2 Shifts in Demand and Supply for Goods and Services,
16.2 Demand and Supply Shifts in Foreign Exchange Markets,
18.4 Fiscal Policy, Investment, and Economic Growth,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
surplus
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services,
10.1 Measuring Trade Balances,
18.1 How Government Borrowing Affects Investment and the Trade Balance
surpluses
9.4 The Confusion Over Inflation
T
T-account
14.3 The Role of Banks
Tariffs
20.4 The Benefits of Reducing Barriers to International Trade,
21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
tax incidence
5.3 Elasticity and Pricing
Technological change
7.2 Labor Productivity and Economic Growth
The Land of Funny Money
9.4 The Confusion Over Inflation
the law of increasing opportunity cost
2.2 The Production Possibilities Frontier and Social Choices
tight monetary policy
15.4 Monetary Policy and Economic Outcomes
time deposits
14.2 Measuring Money: Currency, M1, and M2
Tobin taxes
16.4 Exchange Rate Policies
total surplus
3.5 Demand, Supply, and Efficiency
trade deficit
6.1 Measuring the Size of the Economy: Gross Domestic Product,
Introduction to the International Trade and Capital Flows,
19.5 Balance of Trade Concerns
trade surplus
6.1 Measuring the Size of the Economy: Gross Domestic Product,
Introduction to the International Trade and Capital Flows,
19.5 Balance of Trade Concerns
traditional economy
1.4 How To Organize Economies: An Overview of Economic Systems
Transaction costs
14.3 The Role of Banks
Treasury bills
15.3 How a Central Bank Executes Monetary Policy
Treasury bonds
15.3 How a Central Bank Executes Monetary Policy
twin deficits
18.3 How Government Borrowing Affects Private Saving
U
U.S. Census Bureau
3.2 Shifts in Demand and Supply for Goods and Services
U.S. Department of Commerce
10.1 Measuring Trade Balances
U.S. Patent and Trademark Office
7.3 Components of Economic Growth
underemployed
8.1 How Economists Define and Compute Unemployment Rate
underground economies
1.4 How To Organize Economies: An Overview of Economic Systems
unemployment
Introduction to the Aggregate Supply–Aggregate Demand Model,
11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation,
12.3 The Phillips Curve,
Introduction to Money and Banking,
15.1 The Federal Reserve Banking System and Central Banks,
19.3 Causes of Unemployment around the World
unemployment rate
8.1 How Economists Define and Compute Unemployment Rate,
15.4 Monetary Policy and Economic Outcomes
unilateral transfers
10.1 Measuring Trade Balances
unit of account
14.1 Defining Money by Its Functions
Unitary elasticities
5.1 Price Elasticity of Demand and Price Elasticity of Supply
usury laws
4.2 Demand and Supply in Financial Markets
V
velocity
15.5 Pitfalls for Monetary Policy
W
wage elasticity of labor supply
5.4 Elasticity in Areas Other Than Price
Z
Zero elasticity
5.2 Polar Cases of Elasticity and Constant Elasticity