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rozpocznij naukę
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The total amount of output produced in the economy.
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aggregate private spending rozpocznij naukę
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The sum of all nongovernment spending. Also called private spending.
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aggregate production function rozpocznij naukę
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The relation between the quantity of aggregate output produced and the quantities of inputs used in production.
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rozpocznij naukę
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Holdings of central bank money by banks. The difference between what banks receive from depositors and what they lend to firms or hold as bonds.
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rozpocznij naukę
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A financial asset that promises a stream of known payments over some period of time.
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rozpocznij naukę
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Money issued by the central bank. Also known as the monetary base and high-powered money.
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Cobb-Douglas production function rozpocznij naukę
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A production function giving output as a weighted geometric average of labor and capital.
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rozpocznij naukę
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The cost of a given list of goods and services consumed by a typical urban dweller.
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rozpocznij naukę
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Goods and services purchased by consumers.
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rozpocznij naukę
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A function that relates consumption to its determinants.
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consumption of fixed capital rozpocznij naukę
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rozpocznij naukę
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A decrease in the exchange rate (E) in a fixed exchange rate system.
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rozpocznij naukę
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The income that remains once consumers have received transfers from the government and paid their taxes.
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rozpocznij naukę
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The portion of a corporation’s profits that the firm pays out each period to its shareholders
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rozpocznij naukę
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The equality between demand and supply.
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equilibrium in the goods market rozpocznij naukę
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The condition that the supply of goods be equal to the demand for goods.
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rozpocznij naukę
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The purchases of domestic goods and services by foreigners.
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Federal Reserve Bank (Fed) rozpocznij naukę
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rozpocznij naukę
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A government’s choice of taxes and spending.
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foreign direct investment rozpocznij naukę
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The purchase of existing firms or the development of new firms by foreign investors.
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rozpocznij naukę
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The ratio of nominal GDP to real GDP; a measure of the overall price level. Gives the average price of the final goods produced in the economy.
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gross domestic product (GDP) rozpocznij naukę
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A measure of aggregate output in the national income accounts. (The market value of the goods and services produced by labor and property located in the United States.)
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gross domestic product (GDP) (versus gross national product (GNP)) rozpocznij naukę
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Gross domestic product measures value added domestically. Gross national product measures value added by domestic factors of production.
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rozpocznij naukę
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The purchases of foreign goods and services by domestic consumers, firms, and the government.
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rozpocznij naukę
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The flow of revenue from work, rental income, interest, and dividends.
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rozpocznij naukę
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a sustained rise in the general level of prices.
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International Monetary Fund (IMF) rozpocznij naukę
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The principal international economic organization. Publishes the World Economic Outlook annually and the International Financial Statistics (IFS) monthly.
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rozpocznij naukę
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Purchases of new houses and apartments by people, and purchases of new capital goods (machines and plants) by firms.
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rozpocznij naukę
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downward-sloping curve relating output to the interest rate. The curve corresponding to the IS relation, the equilibrium condition for the goods market
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rozpocznij naukę
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An equilibrium condition stating that the demand for goods must be equal to the supply of goods, or equivalently that investment must be equal to saving. The equilibrium condition for the goods market.
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rozpocznij naukę
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A curve depicting the initial deterioration in the trade balance caused by a real depreciation, followed by an improvement in the trade balance.
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rozpocznij naukę
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An asset is liquid if it can be sold quickly. A financial institution is liquid if it can sell its assets quickly.
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rozpocznij naukę
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An upward-sloping curve relating the interest rate to output. The curve corresponding to the LM relation, the equilibrium condition for financial markets.
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rozpocznij naukę
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A period of time extending over decades.
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rozpocznij naukę
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A period of time between the short run and the long run.
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rozpocznij naukę
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In the United States, the income that originates in the production of goods and services supplied by residents of the United States.
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rozpocznij naukę
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The difference between exports and imports. Also called the trade balance.
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rozpocznij naukę
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In the national income and product accounts, the interest paid by firms minus the interest received by firms, plus interest received from the rest of the world minus interest paid to the rest of the world.
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rozpocznij naukę
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The sum of the quantities of final goods produced in an economy times their current price. Also known as dollar GDP and GDP in current dollars.
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rozpocznij naukę
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The interest rate in terms of the national currency (in terms of dollars in the United States). It tells us how many dollars one has to repay in the future in exchange for borrowing one dollar today.
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rozpocznij naukę
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The difference between actual output and potential output.
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rozpocznij naukę
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A country’s gross domestic product divided by its population.
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rozpocznij naukę
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The result that an attempt by people to save more may lead both to a decline in output and to unchanged saving.
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rozpocznij naukę
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Saving by the private sector. The value of consumers’ disposable income minus their consumption.
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rozpocznij naukę
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Government revenues minus government spending, excluding interest payments on the debt.
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rozpocznij naukę
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The relation between the quantity of output and the quantities of inputs used in production.
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propensity to consume (c1) rozpocznij naukę
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The effect of an additional dollar of disposable income on consumption.
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rozpocznij naukę
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Saving by the government; equal to government revenues minus government spending. Also called the budget surplus. (A budget deficit represents public dissaving.)
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rozpocznij naukę
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Income in terms of goods.
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purchasing power parity (PPP) rozpocznij naukę
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A method of adjustment used to allow for international comparisons of GDP.
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rozpocznij naukę
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The relative price of domestic goods in terms of foreign goods.
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rozpocznij naukę
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A measure of aggregate output. The sum of quantities produced in an economy times their price in a base year. Also known as GDP in terms of goods, GDP in constant dollars, or GDP adjusted for inflation.
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rozpocznij naukę
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The interest rate in terms of goods. It tells us how many goods one has to repay in the future in exchange for borrowing the equivalent one good today.
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rozpocznij naukę
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A period of negative GDP growth. Usually refers to at least two consecutive quarters of negative GDP growth
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rozpocznij naukę
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The output of ordinary least squares. Gives the equation corresponding to the estimated relation between variables, together with information about the degree of fit and the relative importance of the different variables.
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rozpocznij naukę
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The best-fitting line corresponding to the equation obtained by using ordinary least squares.
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rozpocznij naukę
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The sum of private and public saving, denoted by S.
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rozpocznij naukę
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A financial asset issued by a firm that promises to pay a sequence of payments, called dividends, in the future. Also called stock.
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rozpocznij naukę
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A period of time extending over a few years at most.
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rozpocznij naukę
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The interest rate on a short-term bond (typically a year or less).
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rozpocznij naukę
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The combination of stagnation and inflation.
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rozpocznij naukę
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rozpocznij naukę
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The difference between exports and imports. Also called net exports.
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rozpocznij naukę
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negative trade balance, that is, imports exceed exports.
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rozpocznij naukę
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The ratio of the number of unemployed to the labor force.
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rozpocznij naukę
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The value a firm adds in the production process, equal to the value of its production minus the value of the intermediate inputs it uses in production.
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