Welcome to the Short Run economic classroom. This is the page for help in any class you might be taking in economics, or if you just want to brush up on your theory, terminology, economists, or schools of thought.



Key Economic Graphs

This section contains individual lessons on a particular key economic graph.  These lessons are in Flash, so you will need the plug-in to view them.  Get the Flash player here.

Macroeconomics *requires flash*


This section contains outlines and notes on basic topics in economics. The goal of these tutorials is to provide students of economics with detailed summaries of issues they are likely to address in classes at the undergraduate or graduate level.

Intermediate Microeconomics


Glossary of Ideas, Terms, and Concepts

Here is a glossary of key economic ideas, terms, and concepts listed alphabetically.  This is a great, quick economics guide for both students and economists.

#  a  b  c  d  e  f  g  h  i  j  k  l  m  n  o  p  q  r  s  t  u  v  w  x  y  z



45° line


accounting profit

actual reserves
adaptive expectations, theory of

administrative lag
advertising - new view
advertising - traditional view
aggregate demand
aggregate supply
allocative efficiency
asset demand
average fixed costs (afc)

average total cost (atc)
average variable cost (avc)
average product (labor productivity)

average propensity to consume (apc)
average propensity to save (aps)
average revenue


balanced-budget multiplier
balance sheet
bilateral monopoly model


circular flow model
classical economic views

cross elasticity of demand
coase theorem
collusive tendencies

complementary goods
concentration ratio

constant returns to scale

consumption schedule

contractionary fiscal policy
crowding out effect

cyclical unemployment


derived demand
demand factors
discouraged workers
discretionary fiscal policy
diseconomies of scale
doomsday models
dynamic efficiency


easy money policy
economic growth
economic profit
economic rent

economies of scale

efficiency factors


equation of exchange

equilibrium (market)
excess capacity
excess reserves

exclusive or craft unionism

expansionary fiscal policy
explicit costs


fair return price

federal funds rate

fixed costs

foreign purchases effect
frictional unemployment
full employment
full multiplier


government spending
gross domestic product
growth policies


horizontal range


implicit cost
inclusive or industrial unionism
income effect
independent goods
inferior goods
interest rate

interest rate effect
intermediate range




Keynesian economic views
kinked demand


law of demand
law of supply
legal tender
long run
long run atc curve
long run elasticity

long run Phillips curve
loss-minimizing case


market period elasticity
marginal cost
marginal product
marginal propensity to consume (mpc)
marginal propensity to save (mps)
marginal revenue
marginal revenue cost
marginal revenue product
marginal revenue-marginal cost approach

minimum efficient scale (mes)
minimum wage
monetarist economic views
monetary multiplier
monetary rule
monopolistic competition
monopsony model

MRP = MRC Rule
multiplier effect
mutual interdependence


natural rate hypothesis
negative externalities
net export effect
net exports
no multiplier
nominal wage

non-collusive oligopoly

non-discretionary fiscal policy
non-price competition

normal profit


Okun's law


operational lag
opportunity cost
output effect


partial multiplier
Phillips curve
positive externalities
price ceiling
price floor

price elasticity of demand
price elasticity of supply

price indexes
price discrimination
price determination (aggregate supply-aggregate demand)
production possibilities
productive efficiency


productivity slowdown

profit maximization in pure monopoly

pure competition

pure monopoly
pure rate of interest
pure profit




ratchet effect
rational expectations theory

rationing function of prices
real wage
recognition lag

regulated monopoly

rent seeking behavior
reserve ratio
resource demand


saving schedule
say's law

short run

short run elasticity

short run production costs

short run supply curve

socially optimal price
spillover benefit
spillover cost
structural unemployment
substitute good
substitution effect
superior good

supply factors

supply-side fiscal policy


tight money policy
till money

total product

total revenue

total revenue-total cost approach

transaction demand (Dt)




variable costs

vault cash

vertical range


wage determination

wealth effect






zero economic profit model

Economic Schools of Thought

This section contains detailed historical and theoretical notes on several of the more important economic schools of thought.  Special thanks to Professor William Darity, Boshamer Professor at the University of North Carolina at Chapel Hill for adaptation and employment of significant portions of his lecture notes.  Please be patient this section is under construction and revision.     

Classical Economics

Keynesian Economics
   - Keynes on the Classical School
   - Keynes and Kahn's Multipliers as well as some Keynesian Models
   - Four Approaches to the Consumption Function


Neoclassical Economics

New Keynesian Economics

Post Keynesian Economics




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