Welcome to the Short Run economic classroom. This is the page for help in any class you might be taking in economics, or if you just want to brush up on your theory, terminology, economists, or schools of thought.
Contents:
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key economic graphs (Flash)
-
tutorial (new!)
Key Economic Graphs
This section contains individual lessons on a particular key economic graph. These lessons are in Flash, so you will need the plug-in to view them. Get the Flash player here.
Macroeconomics *requires flash*
Microeconomics
Tutorial
This section contains outlines and notes on basic topics in economics. The goal of these tutorials is to provide students of economics with detailed summaries of issues they are likely to address in classes at the undergraduate or graduate level.
Intermediate Microeconomics
Microeconomics
Glossary of Ideas, Terms, and Concepts
Here is a glossary of key economic ideas, terms, and concepts listed alphabetically. This is a great, quick economics guide for both students and economists.
# a b c d e f g h i j k l m n o p q r s t u v w x y z
-A-
accounting profit
actual reserves
adaptive expectations, theory of
administrative lag
advertising - new view
advertising - traditional view
aggregate demand
aggregate supply
allocative efficiency
asset demand
average fixed costs (afc)
average total cost (atc)
average variable cost (avc)
average product (labor productivity)
average propensity to consume (apc)
average propensity to save (aps)
average revenue
-B-
balanced-budget multiplier
balance sheet
bilateral monopoly model
-C-
ceiling
circular flow model
classical economic views
cross elasticity of demand
coase theorem
collusive tendencies
complementary goods
concentration ratio
constant returns to scale
consumption schedule
contractionary fiscal policy
crowding out effect
cyclical unemployment
-D-
derived demand
demand
demand factors
discouraged workers
discretionary fiscal policy
diseconomies of scale
dissavings
doomsday models
dynamic efficiency
-E-
easy money policy
economic growth
economic profit
economic rent
economics
economies of scale
efficiency factors
elastic
elasticity
equation of exchange
equilibrium (market)
excess capacity
excess reserves
exclusive or craft unionism
expansionary fiscal policy
explicit costs
externalities
-F-
fair return price
federal funds rate
fixed costs
floor
foreign purchases effect
frictional unemployment
full employment
full multiplier
-G-
government spending
gross domestic product
growth policies
-I-
implicit cost
inclusive or industrial unionism
income effect
independent goods
inelastic
inferior goods
interest rate
interest rate effect
intermediate range
investment
-K-
Keynesian economic views
kinked demand
-L-
law of demand
law of supply
legal tender
licenses
long run
long run atc curve
long run elasticity
long run Phillips curve
loss-minimizing case
-M-
M1
M2
M3
market period elasticity
marginal cost
marginal product
marginal propensity to consume (mpc)
marginal propensity to save (mps)
marginal revenue
marginal revenue cost
marginal revenue product
marginal revenue-marginal cost approach
minimum efficient scale (mes)
minimum wage
monetarist economic views
monetary multiplier
monetary rule
money
monopolistic competition
monopsony model
MRP = MRC Rule
multiplier
multiplier effect
mutual interdependence
-N-
natural rate hypothesis
near-monies
negative externalities
net export effect
net exports
no multiplier
nominal wage
non-collusive oligopoly
non-discretionary fiscal policy
non-price competition
normal profit
-O-
Okun's law
oligopoly
operational lag
opportunity cost
output effect
-P-
partial multiplier
patents
Phillips curve
positive externalities
price ceiling
price floor
price elasticity of demand
price elasticity of supply
price indexes
price discrimination
price determination (aggregate supply-aggregate demand)
production possibilities
productive efficiency
productivity
productivity slowdown
profit maximization in pure monopoly
propensities
pure competition
pure monopoly
pure rate of interest
pure profit
-R-
ratchet effect
rational expectations theory
rationing function of prices
real wage
recognition lag
regulated monopoly
rent seeking behavior
reserve ratio
reserves
resource demand
-S-
saving schedule
say's law
short run
short run elasticity
short run production costs
short run supply curve
shortage
socially optimal price
spillover benefit
spillover cost
stagflation
structural unemployment
substitute good
substitution effect
superior good
supply
supply factors
supply-side fiscal policy
surplus
-T-
tight money policy
till money
total product
total revenue
total revenue-total cost approach
transaction demand (Dt)
-V-
variable costs
vault cash
velocity
vertical range
-W-
wage determination
wealth effect
This section contains detailed historical and theoretical notes on several of the more important economic schools of thought. Special thanks to Professor William Darity, Boshamer Professor at the University of North Carolina at Chapel Hill for adaptation and employment of significant portions of his lecture notes. Please be patient this section is under construction and revision.
Keynesian Economics
- Keynes on the Classical School
- Keynes and Kahn's Multipliers as well as some Keynesian Models
- Four Approaches to the Consumption FunctionMonetarism
Neoclassical Economics
New Keynesian Economics
Post Keynesian Economics
Radicals
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