Name: 🌶️ AP Macro Cram Review: Unit 3: National Income and Price Determination
Uploaded: 2021-03-27T00:00:00.000Z
Description: Unit 3: National Income and Price Determination

AP Macroeconomics

Unit 1 – Basic Economic Concepts

Unit 2 – Economic Indicators and the Business Cycle

Unit 3 – National Income and Price Determination

Unit 4 – Financial Sector

Unit 5 – Long–Run Consequences of Stabilization Policies

Unit 6 – Open Economy – International Trade and Finance

Frequently Asked Questions

Exam Skills

AP Cram Sessions 2021

Live Cram Sessions 2020

Study Tools

Unit 1 Overview: Basic Economic concepts 

Microeconomics vs. Macroeconomics

Factors of Production

Organization of Society

Opportunity Costs and Trade-offs

Scarcity

Introduction to the Production Possibilities Curve (PPC)

Opportunity Cost and the Production Possibilities Curve (PPC)

Unit 1 - Comparative Advantage and Trade 

Key Terms 🔎

Introduction

Output Problems

Input Problems

 Terms of Trade

Comparative Advantage and Trade

Unit 1 - Demand 

Demand

Unit 1 - Supply 

Supply

Market Equilibrium

Market Disequilbrium  

Market Equilibrium, Disequilibrium, and Changes in Equilibrium

Unit 2 Overview: Economic Indicators and the Business Cycle


Circular Flow

GDP (Gross Domestic Product)

Circular Flow and GDP

Uses of GDP in Economics

Limitations of GDP

Understanding and Counting Labor

Calculating Unemployment

Types of Unemployment

Unemployment

Defining Inflation

Price Indices and the CPI

Practice Problems

Price Indices and Inflation

Costs of Inflation

Who Is Helped By Unanticipated Inflation?

Who is Hurt By Unanticipated Inflation?

Problems With Nominal Variables

Nominal vs. Real GDP

How to Calculate Real and Nominal GDP

Using the GDP Deflator

Real vs Nominal GDP

Measuring Change in the Economy

The Parts of the Business Cycle

The Business Cycle in Real Life

Business Cycles

Unit 2 – Economic Indicators & the Business Cycle

Aggregate Demand

Multipliers

Spending and Tax Multipliers

Short-Run Aggregate Supply (SRAS)

Long-Run Aggregate Supply (LRAS)

Equilibrium AD-AS Model

Equilibrium in Aggregate Demand-Aggregate Supply (AD-AS) Model

GDP Determinants

Changes in the AD-AS Model in the Short Run

Long-Run Adjustment

Long-Run Self-Adjustment

Short-Run Effects

Types of Fiscal Policies

Calculating Fiscal Policies

Fiscal Policy

Income Taxes and Antipoverty Programs

Automatic Stabilizers

Unit 3 – National Income & Price Determination

Intro to Unit 4

Unit 4 Overview: Financial Sector

Key Vocabulary

Bonds and Interest Rates

Financial Assets

Interest Rates

Nominal vs. Real Interest Rates

Functions of Money

Measurements of the Money Supply

Definition, Measurement, and Functions of Money

Fractional Reserve Banking

Money Multiplier

Bank Balance Sheets

Banking and the Expansion of the Money Supply

The Demand For Money

The Money Market

Types of Monetary Policy


Tools of Monetary Policy

Effects of Monetary Policy

Monetary Policy

Demand of Loanable Funds


Shifters for the Demand Loanable Funds

Supply of Loanable Funds

Determinants for the Supply of Loanable Funds 

Loanable Funds Market

The Loanable Funds Market

Long-Run Consequences of Stabilization Policies

Unit 5 Overview: Long-Run Consequences of Stabilization Policies

Fiscal and Monetary Policies

Fiscal and Monetary Policy Actions in the Short-Run

Phillips Curve

The Phillips Curve

Inflation

Theory of Monetary Neutrality

Quantity Theory of Money

Money Growth and Inflation

Budget Surplus and Deficit

US National Debt

Deficits and the National Debt

Crowding Out

Grow Grow Grow!

Economic Growth

Public Policy 

Supply-Side Economics

Public Policy and Economic Growth

Unit 5 – Long-Run Consequences of Stabilization Policies

Intro to Unit 6

Unit 6 Overview: Open Economy-International Trade and Finance

Balance of Payments Accounts

Exchange Rates

Foreign Exchange 

Summary

Foreign Exchange Market

Policies and the Foreign Exchange Market

Trade Barriers

Effect of Changes in Policies & Economic Conditions on the Foreign Exchange Market

Appreciation

Depreciation

Changes in Net Export: Consequences

Changes in the Foreign Exchange Market and Net Exports

Real Interest Rates and Asset Value

Central Banks and Domestic Interest Rates

6.6: Real Interest Rates and International Capital Flows

Real Interest Rates and International Capital Flows

Unit 6 – Open Economy - International Trade & Finance

Score Higher on AP Macroeconomics 2024: MCQ Tips from Students

Your Guide to the 2024 AP Macroeconomics Exam

Format of the 2024 AP Macroeconomics Exam

When is the 2024 AP Macroeconomics exam and how do I take it?

How Should I Prepare for the Exam?

AP Macroeconomics 2024 Study Plan

2024 AP Macroeconomics Exam Guide

🌶️ AP Macro Cram Review: Unit 3: National Income and Price Determination

🌶️ AP Macro Cram Review: Unit 3: National Income and Price Determination

AP Macroeconomics 💶

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