暨南大学宏观经济学名词解释全英范兆斌

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1、DefinitionofTermsChapter1Microeconomics:Thestudyofindividualmarketsanddecisionmakers-Chapter2Grossdomesticproduct(GDP):Thetotalincomeearneddomestically,includingtheincomeearnedbyforeign-ownedfactorsofproduction;thetotalexpenditureondomesticallyproducedgoodsandser

2、vices.Valueadded:Thevalueofafirm"soutputminusthevalueoftheintermediategoodsthefirmpurchased.RealGDP:measuresthetotalincomeofeveryoneintheeconomyGDPdeflator:TheratioofnominalGDPtorealGDP;ameasureoftheoveralllevelofpricesthatshowsthecostofthecurrentlyproducedbasket

3、ofgoodsrelativetothecostofthatbasketinabaseyear.Consumerpriceindex(CPI):Ameasureoftheoveralllevelofpricesthatshowsthecostofafixedbasketofconsumergoodsrelativetothecostofthesamebasketinabaseyea匚Unemploymentrate:Thepercentageofthoseinthelaborforcewhodonothavejobs.L

4、abor-forceparticipationrate:Thepercentageoftheadultpopulationinthelaborforce.Chapter3Disposableincome:Incomeremainingafterthepaymentoftaxes.Marginalpropensitytoconsume(MPC):Thenincreaseinconsumptionresultingfromaone-dollarincreaseindisposableincome・Realinterestra

5、te:Thereturntosavingandthecostofborrowingafteradjustmentforinflation.Chapter4Inflation:AnincreaseintheoveralllevelofpricesHyperinflation:Extremelyhighinflation.Money:Thestockofassetsusedfortransactions.Fiatmoney:Moneythatisnotintrinsicallyusefulandisvaluedonlybec

6、auseitisusedasmoney.Commoditymoney:Moneythatisintrinsicallyusefulandwouldbevaluedevenifitdidnotserveasmoney.Moneysupply:Thequantityofmoneyavailableinaneconomy.Quantityequation:Theidentitystatingthattheproductofthemoneysupplyandthevelocityofmoneyequalsnominalexpen

7、diture(MV=PY);coupledwiththeassumptionofstablevelocity,anexplanationofnominalexpenditurecalledthequantitytheoryofmoney.Incomevelocityofmoney:thenumberoftimesadollarbillenterssomeone'sincomeinagivenperiodoftimeRealmoneybalances:Thequantityofmoneyexpressedintermsof

8、thequantityofgoodsandservicesitcanbuy;thequantityofmoneydividedbythepricelevel(M/P)Seigniorage:Therevenueraisedbythegovernmentthroughthecreationofmoney;alsocal