unit of account
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it allows a way of measuring value in a standard manner
Credit cards
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are a convenient way to obtain a short term loan from the bank issuing the
card
expected future income
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consumptions smoothing- keeping income statements year to year
Paradox of thrift
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What happens in the short-term if people save more ; consumption
decreases, and income decrease so consumption decreases.. Potentially
pushing the economy into recession.
Consumption function
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the relationship between consumption spending and disposable income
Price level
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as prices rise, household wealth falls - higher prices result in lower
consumption
Supply shock
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an unexpected event that cause SRAS to shift
what do banks do?
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- extend credits to borrowers using funds raised from savers
fed reserve system
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was created in 1913 to restore confidence in the nations banking system
autonomous expenditures
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planned investment, government purchases and net exports - their level
does not depend on the level of GDP
disposable income =
Give this one a try later!
Give this one a try later!
it allows a way of measuring value in a standard manner
Credit cards
Give this one a try later!
are a convenient way to obtain a short term loan from the bank issuing the
card
expected future income
,Give this one a try later!
consumptions smoothing- keeping income statements year to year
Paradox of thrift
Give this one a try later!
What happens in the short-term if people save more ; consumption
decreases, and income decrease so consumption decreases.. Potentially
pushing the economy into recession.
Consumption function
Give this one a try later!
the relationship between consumption spending and disposable income
Price level
Give this one a try later!
as prices rise, household wealth falls - higher prices result in lower
consumption
Supply shock
, Give this one a try later!
an unexpected event that cause SRAS to shift
what do banks do?
Give this one a try later!
- extend credits to borrowers using funds raised from savers
fed reserve system
Give this one a try later!
was created in 1913 to restore confidence in the nations banking system
autonomous expenditures
Give this one a try later!
planned investment, government purchases and net exports - their level
does not depend on the level of GDP
disposable income =
Give this one a try later!
