Warm-up One: What does scarcity mean? Something is scarce when it is desirable and limited. Sca...

Budget Balance Difference between what the government spends and what the government brings in. ...

Time Value of Money \( FV = PV\times(1+i)^n\) \(PV = \frac{FV}{(1+i)^n}\) Where: FV = Futur...

Assets, Wealth, & Liabilities A household’s wealth is the value of its accumulated savings...

Functions that feature multiple independent variables. Graphing Always one additional dimensi...

Automatic stabilizers will reduce the multiplier and swings in the business cycle. Non-discr...

Multiplier When there is an increase in the CIGXn, it is going to have a multiplying effect on t...

Short-run Aggregate Supply Curve Upward sloping because nominal wages are sticky. Thus, a h...

Which statement is true about the circular flow diagram of an economy? ...