Question

1) What is one definition from the Unit One Definitions" document in Canvas that you think you will remember from this "Macro Economics" class? Make sure to include how you think you could apply this economic definition in your own life sometime in the next several months:

2) What is one definition from the Unit Two Definitions" document in Canvas that you think you will remember from this "Macro Economics" class? Make sure to include how you think you could apply this economic definition in your own life sometime in the next several months:

3) In this economics class taught during the Winter Quarter of 2023, what do think has helped your learning about economics concepts the most? Here is where you can include ideas like how the course is set up, class activities in Canvas, the textbook, the assignments in Cengage, etc.:

4) In this economics class taught during the Winter Quarter of 2023, how do you think you could have learned about economics concepts even better? Here is where you can include your suggestions about how the class format or any of the class tasks could be changed in future quarters:

Unit 1 definition

Chapter One

1. Resource- An input such as land, labor or capital that can be used to produce aneconomic good.

2. Scarcity- The fundamental concept of economics that indicates there is less of a goodfreely available than people would like.

3. Marginal- A term used to describe the effects of a change in the situation.

4. Opportunity Cost- The highest valued alternative that must be sacrificed as the result ofa decision that is made.

5.Microeconomics- The branch of economics that focuses on how human behavior affectsthe conduct of affairs within narrowly defined units.

6.Macroeconomics- The branch of economics that focuses on how human behavior affectsoutcomes in highly aggregated markets.

Chapter Two

7. Transaction Costs- The time, effort or expense needed to search out, negotiate, andconsummate an exchange.

8. Property Rights- The rights to use, control or obtain benefits from a resource or good.

9. Capitalism- An economic system based on private ownership of productive resourcesand the allocation of goods based upon market prices.

10. Socialism- A system of economic organization in which the basic means of productionrests with the state, and resource allocation is determined by centralized planning.

Chapter Three

11.Substitutes- Related products that serve similar purposes such that an increase in theprice of one will cause an increase in the demand for the other.

12.Complements- Related products that are jointly consumed such that an increase in theprice of one will causes a decrease in the demand for the other.

13.Short Run- A time period of insufficient length to permit decision makers to adjust fullyto a change in market conditions.

14.Long Run- A time period of sufficient length to enable decision makers to adjust fully toa change in the market.

15.Equilibrium- A state of balance between conflicting forces, such as supply and demand.

16.Shortage- A condition that exists when the quantity demanded is greater than thequantity supplied.

17.Surplus- A condition that exists when the quantity supplied is greater than the quantitydemanded.

18.Demographics - The statistical study of people groups within human populations.

Chapter Seven

19.Gross Domestic Product- The total market value of all final goods and servicesproduced domestically during a specific period, usually a year.

20.Intermediate Goods- Goods purchased for resale, or used by firms to produce anothergood or service.

21.Depreciation- The estimated amount of physical capital that is worn out or used upproducing goods during a time period.

22.Exports- Goods and services produced domestically but sold to foreigners.

23.Imports- Goods and services produced by foreigners but purchased by domesticconsumers, investors, and governments.

24. Consumer Price Index (C.P.I.)- An indicator of the general level of prices that attemptsto determine changes in the cost of purchasing a market basket of goods bought by atypical consumer during a specific period.

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Unit 2 Definitions

Chapter Eight

1.Business Cycle- Fluctuations in the general level of economic activity as measured bysuch variables as the rate of unemployment and changes in real output.

2.Civilian Labor Force - The number of persons ages 16 or older who are are either employed or unemployed.

3.Unemployment- The condition of a person not currently employed who is eitheractively seeking employment or waiting to begin or return to a job.

4.Discouraged Worker - A person who has given up searching for employment because they believe additional job search efforts would be fruitless.

5.Inflation- A continuing rise in the general level of prices of goods and services.

6.Stagflation- A period in which an economy is experiencing both substantial inflationand either declining or slow growth in real output.

Chapter Nine

7.Fiscal Policy- The use of government taxation and expenditure decisions for the purpose of achieving macroeconomic goals.

8.Monetary Policy- The deliberate control of the money supply or credit conditions for the purpose of achieving macroeconomic goals.

9.Money Supply- The sum of currency, checking account funds and traveler's checks in an economy.

10.Trade Deficit- A situation that occurs when a country's imports of goods and services are greater than its exports.

11.Trade Surplus-A situation that occurs when a country's exports of goods and services are greater than its imports.

Chapter 13

12.Medium of Exchange- An asset that is commonly used to buy and sell goods, services, or resources.

13.Fiat Money- A medium of exchange that has neither intrinsic value nor the backing of a commodity with intrinsic value.

14.Liquid Asset- An asset that can be easily and quickly converted to cash without loss of value.

15.Discount Rate- The interest percentage that the Federal Reserve charges banking institutions for borrowing funds.

16.Demand Deposits- Checking accounts that can either be withdrawn or made payable to a third party.

17.Credit- Funds that are acquired by borrowing.

18.Reserve Requirement- The minimum amount of money that a bank is required by law to keep to "back up" its deposits.

19.Open Market Operations- The buying and selling of U.S. government securities in the secondary market by the Federal Reserve.

20Federal Funds Rate- The interest percentage that banks charge other banks for borrowing funds.

Chapter 18

21. Absolute Advantage- The ability to produce more of a good with the same amount of resources than another.

22. Comparative Advantage- The ability to produce a good at a lower opportunity cost than another.

23. Tariff- A tax levied on goods imported into a country.

24. Import Quota- A specific limit or maximum quantity (or value) of a good permitted to be brought into a country during a given period.

25. Dumping- The sale of a good by a foreign supplier in another country at a price below that charged by the supplier in its home market.

Chapter 19

26. Exchange Rate- The price of one unit of currency in the units of another currency.

27. Currency Appreciation - An increase in the value of one currency unit relative to another currency unit.

28. Currency Depreciation - A decrease in the value of one currency unit relative to another currency unit.

29. Balance of Payments- A summary of all economic transactions between a country and all other countries during a specific time period, usually a year.

30. National Debt -The sum of the liabilities of the federal government in the form of outstanding bonds.