VWL 1, FFHS, Semester 3
VWL 1, FFHS, Semester 3
VWL 1, FFHS, Semester 3
Set of flashcards Details
| Flashcards | 286 |
|---|---|
| Language | Deutsch |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 14.12.2015 / 22.05.2016 |
| Weblink |
https://card2brain.ch/box/vwl_1_ffhs_semester_3
|
| Embed |
<iframe src="https://card2brain.ch/box/vwl_1_ffhs_semester_3/embed" width="780" height="150" scrolling="no" frameborder="0"></iframe>
|
equilibrium price
the price that balances quantity supplied and quantity demanded
equilibrium quantity
the quantity supplied and the quantity demanded at the equilibrium price
equity
the property of distributing economic prosperity fairly among the members of society
European Central Bank (ECB)
the overall central bank of the 12 countries comprising the European Monetary Union
European Economic and Monetary Union (EMU)
the European currency union that has adopted the euro as its common currency
European Union
a family of democratic European countries, committed to working together for peace and prosperity
Eurosystem
the system made up of the ECB plus the national central banks of each of the 12 countries comprising the European Monetary Union
excludability
the property of a good whereby a person can be prevented from using it
explicit costs
input costs that require an outlay of money by the firm
exports
goods and services that are produced domestically and sold abroad
externality
the uncompensated impact of one person’s actions on the wellbeing of a bystander
factors of production
the inputs used to produce goods and services
Federal Reserve (Fed)
the central bank of the United States
fiat money
money without intrinsic value that is used as money because of government decree
finance
the field of economics that studies how people make decisions regarding the allocation of resources over time and the handling of risk
financial intermediaries
financial institutions through which savers can indirectly provide funds to borrowers
financial markets
financial institutions through which savers can directly provide funds to borrowers
financial system
the group of institutions in the economy that help to match one person’s saving with another person’s investment
fiscal federalism
a fiscal system for a group of countries involving a common fiscal budget and a system of taxes and fiscal transfers across countries
Fisher effect
the one-for-one adjustment of the nominal interest rate to the inflation rate
fixed costs
costs that do not vary with the quantity of output produced
fractional-reserve banking
a banking system in which banks hold only a fraction of deposits as reserves
free rider
a person who receives the benefit of a good but avoids paying for it
frictional unemployment
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
fundamental analysis
the study of a company’s accounting statements and future prospects in order to determine its value
future value
the amount of money in the future that an amount of money today will yield, given prevailing interest rates
game theory
the study of how people behave in strategic situations
GDP deflator
a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
Giffen good
a good for which an increase in the price raises the quantity demanded
government purchases
spending on goods and services by local, state and national governments
gross domestic product (GDP)
the market value of all final goods and services produced within a country in a given period of time
horizontal equity
the idea that taxpayers with similar abilities to pay taxes should pay the same amount
human capital
the accumulation of investments in people, such as education and on-the-job training
idiosyncratic risk
risk that affects only a single economic actor
implicit costs
input costs that do not require an outlay of money by the firm
import quota
a limit on the quantity of a good that can be produced abroad and sold domestically
imports
goods and services that are produced abroad and sold domestically
income effect
the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
income elasticity of demand
a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income
indexation
the automatic correction of a money amount for the effects of inflation by law or contract
