Exam (elaborations)
ECON 3020 Exam 1 Questions answers latest update
- Course
- ECON 3020
- Institution
- University Of Virginia
ECON 3020 Exam 1 Questions answers latest update
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ECON 3020 Exam 1business cycle - alternating periods of economic expansion and economic
recession
causation - changes in one variable cause changes in another variable; the act or
agency which produces an effect
correlation - two variables are related; a relation existing between phenomena or
things or between mathematical or statistical variables which tend to vary, be
associated, or occur together in a way not expected on the basis of chance alone
deflation - a sustained decrease in the price level
economic variable - something measurable that can have different values, helps
determine how an economy functions
endogenous variable - a variable that is explained by an economic model
exogenous variable - a variable that is taken as given and is not explained by an
economic model
, financial crisis - a significant disruption in the flow of funds from lenders to
borrowers
fiscal policy - changes in government taxes and purchases that are intended to
achieve macroeconomic policy objectives
globalization - development of an increasingly integrated global economy marked
especially by free trade, free flow of capital, and the tapping of cheaper foreign
labor markets
hypothesis - a statement about an economic variable, often about a causal
relationship, that may be either correct or incorrect
inflation rate - percentage increase in the price level from one year to the next
labor force - sum of employed and unemployed workers in the economy
labor productivity - quantity of goods and services that can be produced by one
worker or by one hour of work
long-run economic growth - process by which increasing productivity raises the
average standard of living
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