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Macroeconomics Final Exam Study Guide: Key Concepts and Applications

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Three Key Economic Ideas

Introduction to Supply and Demand

The Basics of Demand

Shifting Demand

The Basics of Supply

Shifting Supply

Supply and Demand Together: Equilibrium, Shortage, and Surplus

Price Ceilings, Price Floors, and Black Markets

Labor Force and Unemployment

Business Cycles and Their Characteristics

The Functions of Money; The Kinds of Money

Nominal Income and Real Income

Monetary vs Fiscal Policy

Expansionary and Contractionary Monetary Policy

Expansionary and Contractionary Fiscal Policy

Productivity and the Per-Worker Production Function