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.

Contents:

 


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*


Tutorial

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

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

 

-A-
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

 

-B-
balanced-budget multiplier
balance sheet
bilateral monopoly model

 

-C-
ceiling
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

 

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

 

-E-
easy money policy
economic growth
economic profit
economic rent

economics
economies of scale

efficiency factors

elastic

elasticity
equation of exchange

equilibrium (market)
excess capacity
excess reserves

exclusive or craft unionism

expansionary fiscal policy
explicit costs
externalities

 

-F-
fair return price

federal funds rate

fixed costs

floor
foreign purchases effect
frictional unemployment
full employment
full multiplier

 

-G-
government spending
gross domestic product
growth policies

 

-H-
horizontal range

 

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

interest rate effect
intermediate range
investment

 

-J-

 

-K-
Keynesian economic views
kinked demand

 

-L-
law of demand
law of supply
legal tender
licenses
long run
long run atc curve
long run elasticity

long run Phillips curve
loss-minimizing case

 

-M-
M1
M2
M3
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
money
monopolistic competition
monopsony model

MRP = MRC Rule
multiplier
multiplier effect
mutual interdependence

 

-N-
natural rate hypothesis
near-monies
negative externalities
net export effect
net exports
no multiplier
nominal wage

non-collusive oligopoly

non-discretionary fiscal policy
non-price competition

normal profit

 

-O-
Okun's law

oligopoly

operational lag
opportunity cost
output effect

 

-P-
partial multiplier
patents
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

productivity slowdown

profit maximization in pure monopoly

propensities
pure competition

pure monopoly
pure rate of interest
pure profit

 

-Q-

 

-R-
ratchet effect
rational expectations theory

rationing function of prices
real wage
recognition lag

regulated monopoly

rent seeking behavior
reserve ratio
reserves
resource demand

 

-S-
saving schedule
say's law

short run

short run elasticity

short run production costs

short run supply curve

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

supply
supply factors

supply-side fiscal policy
surplus

 

-T-
tight money policy
till money

total product

total revenue

total revenue-total cost approach

transaction demand (Dt)

 

-U-
unemployment
unions

 

-V-
variable costs

vault cash
velocity

vertical range

 

-W-
wage determination

wealth effect

 

-X-
X-Inefficiency

 

-Y-

 

-Z-
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

Monetarism

Neoclassical Economics

New Keynesian Economics

Post Keynesian Economics

Radicals

   

 


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