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225 (GATT: General Agreement (price-taker) 61 60 44 45 (store of value) 194 24 144 (business cycles) 166 176 226 22 (economic growth) 158 (stabilization policy) 241 15 17 23 (economic system) 24 172 24 143 (fixed exchange rate system) 229 (misery index) 249 (open market operation) 203 ( : public goods) 127, 131 (supply) 38 42 40 (price elasticity of supply) 115 42 (oligopoly) 63, 71 on Tariffs and Trade) 263 (M2) 198 (medium of exchange) 193 (shoe leather cost) 188 175 (crowding-out effect) 256 271 (GDP: Gross Domestic Product) 148 (GDI: Gross Domestic Income) 156 144 3 148 (GNP: Gross National Product) 154 (GNI: Gross National Income) 156 226 (economies of scale) 67 (equilibrium) 45 (global standard) 273 195 213 211 (financial system) 205 108 279 (opportunity cost) 19 245 (inside lag) 258 172 282
276 124 248, 249 (price index) 179 (barter economy) 192 24 (round) 263 206 (unitary elastic) 95 (Great Depression) 31 220 49 264, 265 (moral hazard) 133, 134 (monopoly) 63 65 (monopolistic competition) 63, 69 (disinflation) 182 (deflation) 182 121, 123 175 112 (menu cost) 188 (nominal) GDP 157 206 132 (non-excludability) 131 (required reserve ratio) 204 (legal tender) 195 97 (floating exchange rate system) 230 50 (invisible hand) 27 224 206 199 (value added) 151 146 127 63 230 172 (non-rivalry) 131 225 (comparative advantage) 221 (cost) 106 (cost-push inflation) 185 (inelastic) 95 232 283
( ) 174 ( : private goods) 131 (relative price) 79 227 (commodity money) 194 145 (PPI: producer price index) 179 (producer's surplus) 38 104 227 143 (WTO: World Trade Organization) 265 (globalization) 265 (ceteris paribus) 40 124 227 (CPI: consumer price index) 179 (consumer's surplus) 38 (consumer sovereignty) 107 (demand) 38 (demand-pull inflation) 184 40 39 95 40 (revenue) 106 (import quota) 225 161 144 (stagflation) 255 36 24 (market failure) 127 201 (credibility) 260 215 (unemployment rate) 172 172 (real) GDP 157 206 121, 122 32, 91 (APEC: Asia-Pacific Economic Cooperation) 267 198 203 (adverse selection) 133, 134 49 203 80 96 96 (perfectly competitive market) 61 175 128 128 (externalities) 127 (outside lag) 258 236, 238 238 237 263 194 106 113 (interest rate) 205 247 (inflation tax) 186 284
(inflation) 182 158 178 (paper money) 195 (creative destruction) 105 (bond) 213 211 245 226 (capital market) 212 (natural monopoly) 67 76 (FTA: Free Trade Agreement) 267 231 17 GDP 176 143 241, 244 (trough) 167 (electronic money) 195 (absolute price) 79 (absolute advantage) 221 146 133 (government failure) 135 49 (peak) 167 258 (J curve effect) 259 124 (stock) 213 203 199 121, 123 (GDP deflator) 179 146 (disposable income) 143 180 43 43 (hyper-inflation) 184 244 (lender of last resort) 200 ( ) (most-favored-nation treatment) 263 172 (recession) 167 (cartel) 72 (John Maynard Keynes) 209 (call) 212 212 230 (elasticity) 94 (elastic) 95 199 247 203 241, 246 246 247 285
(specialization) 24 250 (marginal cost) 112 (marginal revenue) 112 (marginal utility) 82 85 200 92 87 (M1) 198 (boom) 167 31 (money market) 212 192 244 (exchange rate) 229 249 229 (unit of account) 194 81 (scarcity) 17 286
287