Twelve Principles of Economics

Models

Production Possibility Frontier (PPF)

Law of Diminishing Returns

Comparative Advantage

Positive vs. Normative Economics

Supply and Demand (extreme basics)

Equilibrium (Supply & Demand)

Competitive Market

Demand Curve

Ceteris Paribus

Shift in Demand Curve

Normal Goods

Inferior Goods

Substitutes

Complementary Goods

Supply Curve

Shift in Supply Curve

Trial and Error

Equilibrium Adjustment (Surplus and Shortage)

Invisible Hand of the Market

Price Ceiling

Price Floor

Consequences of Price Ceilings

Consequences of Price Floors

Binding or Non-binding

Quota

Quota Rent

Minimum Wage Debate (against and for)

Gains from Trade

Asian Miracle (According to Paul Krugman)

Heckscher-Ohlin Factor

Leontief and Prebisch (3 concepts)

World Market (Domestic vs. World Prices)

Four Types of Globalization

Macroeconomics

Microeconomics

4 Business Cycle Theories

Business Cycle Theory

Cobweb Model

Consequences of The Great Depression

The Great Depression

Say's Law

National Accounts

Stocks

Dividends

Bond

Government Transfer

Disposable Income

Private Savings

Exports and Imports

Inventories

Investment Spending

Gross Domestic Product (GDP)

Real GDP

Nominal GDP

Unemployment Rate

Labour Force

Natural Unemployment (2 Types) and causes

Unnatural Unemployment (1 type) and causes

Discouraged Workers

Marginally Attached Workers

Underemployed Workers

Jobless Recovery

Inflation (External and Internal Factors)

Cost-Push Inflation

Demand-Pull Inflation

Inflation Rate

Consumer Price Index (CPI)

Aggregate Price Level

Price Index

Interest Rate

Nominal and Real Interest Rates

Disinflation

Commodity Money

Fiat Money

Money Supply (3 types)

Banking

Bank Reserves

Reserve Ratio

Bank Runs

Gold Standard (Monetary System)

Bretton Woods Monetary System

Current Monetary System (no real name)

EuroZone

Washington Consensus

10 Commandments (Washington Consensus)

Monetary Policy according to Milton Friedman (key terms)

Expansionary Monetary Policy

Contractionary Monetary Policy

Subprime Crisis (key points)

Rule of 70

Convergence Hypothesis

Aggregate Production Function

Total Factor Productivity (TFP)

Information Technology Paradox

Thomas Malthus (Malthusian Trap)

Sustainable Long-Run Economic Growth

Deficit

Savings-Investment Identity

Asset Price Theory

Loss Situation (Illiquidity & Insolvency)

Financial Market

Recession vs Depression

Aggregate Demand

Wealth Effect

Interest Rate Effect

Aggregate Demand Shift

Short-Run Aggregate Supply Curve

Short-Run Aggregate Supply Shift

Long-run Aggregate Supply Curve

Recessionary and Inflationary Gaps

T-Account

Embedded Liberalism

Post-Bretton Woods (Neoliberalism)

Fiscal Policy

Social Insurance Programs

Expansionary Fiscal Policy

Contractionary Fiscal Policy

Multiplier Effect

Multiplier

Types of Fiscal Policy (name the 2)

Automatic Stabilizer

Discretionary Fiscal Policy

Budget Balance (and Surplus/Deficit)

Deficit vs Debt

Implicit Liabilities

Debt GDP Ratio

Capital Flows

Balance of Payments

Balance of Payments on Current Account

Balance of Payments on Goods and Services

Merchandise Trade Balance

Balance of Payments on Financial Account

Gross National Product (GNP)

International Capital Flows

Exchange Rate

Foreign Exchange Market

Real vs Nominal Exchange Rates

Purchasing Power Parity (PPP)

Exchange Rate Policy (Fixed or Floating)

Exchange Market Intervention

Foreign Exchange Reserve

International Business Cycle