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All Key Terms
AP Macroeconomics
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AP Macroeconomics
Key Terms
644 essential vocabulary terms and definitions to know for your AP Macroeconomics exam
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AP Macroeconomics
Key Terms by Unit
Unit 1 – Basic Economic Concepts
1.1 Scarcity
1.2 Opportunity Cost and the Production Possibilities Curve (PPC)
1.3 Comparative Advantage and Trade
1.4 Demand
1.5 Supply
1.6 Market Equilibrium, Disequilibrium, and Changes in Equilibrium
Unit 2 – Economic Indicators and the Business Cycle
2.1 Circular Flow and GDP
2.2 Limitations of GDP
2.3 Unemployment
2.4 Price Indices and Inflation
2.5 Costs of Inflation
2.6 Real vs Nominal GDP
2.7 Business Cycles
Unit 3 – National Income and Price Determination
3.1 Aggregate Demand
3.2 Spending and Tax Multipliers
3.3 Short-Run Aggregate Supply (SRAS)
3.4 Long-Run Aggregate Supply (LRAS)
3.5 Equilibrium in Aggregate Demand-Aggregate Supply (AD-AS) Model
3.6 Changes in the AD-AS Model in the Short Run
3.7 Long-Run Self-Adjustment
3.8 Fiscal Policy
3.9 Automatic Stabilizers
Unit 4 – Financial Sector
4.1 Financial Assets 💰
4.2 Nominal vs. Real Interest Rates
4.3 Definition, Measurement, and Functions of Money
4.4 Banking and the Expansion of the Money Supply
4.5 The Money Market
4.6 Monetary Policy
4.7 The Loanable Funds Market
Unit 5 – Long–Run Consequences of Stabilization Policies
5.1 Fiscal and Monetary Policy Actions in the Short-Run
5.2 The Phillips Curve
5.3 Money Growth and Inflation
5.4 Deficits and the National Debt
5.5 Crowding Out
5.6 Economic Growth
5.7 Public Policy and Economic Growth
Unit 6 – Open Economy – International Trade and Finance
6.1 Balance of Payments Accounts
6.2 Exchange Rates
6.3 Foreign Exchange Market
6.4 Effect of Changes in Policies & Economic Conditions on the Foreign Exchange Market
6.5 Changes in the Foreign Exchange Market and Net Exports
6.6 Multiple Choice Questions
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C
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H
I
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K
L
M
N
O
P
Q
R
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T
U
V
W
X
Y
Z
A
Absolute Advantage
Actual returns
Aggregate demand
Aggregate demand (AD)
Aggregate Demand (AD) curve
Aggregate Demand Curve
Aggregate demand greater than aggregate supply
Aggregate Demand-Aggregate Supply (AD-AS) Model
Aggregate Demand-Aggregate Supply (AD/AS) Model
Aggregate Production Function
Aggregate Production Function Model
Aggregate Supply
Aggregate Supply (AS)
Aggregate Supply (SRAS)
Aggregate Supply (SRAS) Curve
Aggregate supply greater than aggregate demand
Allocative Efficiency
Anti-poverty programs
Appreciation
Appreciation of a currency
Assets
Automatic Stabilizer
Automatic stabilizers
Automation
B
Balance of payment deficit
Balance of Payments
Balance of Payments Account
Balance of Payments Accounts
Balance on Goods and Services
Bank
Bank Balance Sheet (T-Accounts)
Bank Balance Sheets
Bank Deposits
Bank Run
Banking System
Base period
Base Year
Black Market
Bond
Bonds
British Government
Budget Deficit
Budget Deficits
Budget Surplus
Budget surpluses
Bureau of Labor Statistics
Business cycle
C
Capital
Capital Account
Capital account balance
Capital Flow
Capital Flows
Capital investment
Capital stock
Carbon emissions
Cash Reserves
Central Bank
Central Banks
Change in LRAS
Change in Market Equilibrium
Change in SRAS
Choice
Circular Flow Diagram
Circular Flow Model
Circular flow of dollars
Circular flow of income and output
Coconuts
Command Economy
Commercial bank
Commercial banks
Comparative Advantage
Complements
Congress
Constant Opportunity Cost
Consumer Confidence
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