Home > Blossary: Glossary for Principles of Macroeconomics/Microeconomics
Useful terms for students who major in economy or who learn Principles of Macroeconomics/Microeconomics (N. Gregory Mankiw)

Category: Education

20 Terms

Created by: zzcgood

Number of Blossarys: 7

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The quantity exchanged between buyers and sellers when a market is in equilibrium. The equilibrium quantity is simultaneously equal to both the quantity demanded and quantity supplied, which means ...

Domain: Economy; Category: Economics

The continuous movement of production, income, and resources between producers and consumers. This flow moves through product markets as the gross domestic product of our economy and is then the ...

Domain: Economy; Category: Economics

Two goods that "go together," either in consumption or production. In terms of demand, a complement-in-consumption is one of two goods that are consumed together such that an increase in the price of ...

Domain: Economy; Category: Economics

Rational expectations is a hypothesis in economics which states that agents' predictions of the future value of economically relevant variables are not systematically wrong in that all errors are ...

Domain: Economy; Category: Economics

The relative response of a change in demand to a relative change in the price of another good. More specifically the cross elasticity of demand can be defined as the percentage change in demand for ...

Domain: Economy; Category: Economics

Unemployment attributable to the time required to match production activities with qualified resources. Frictional unemployment essentially occurs because resources, especially labor, are in the ...

Domain: Economy; Category: Economics

A decline in investment caused by expansionary fiscal policy. When government counteracts a recession with an increase in spending or a reduction in taxes (both resulting in an increase in the ...

Domain: Economy; Category: Economics

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