AP Econ Equations

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28 Terms

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D-Curve Shifters
\# of buyers, income, price of related goods, tastes, expectations
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S-Curve Shifters
input prices, technology, # of sellers, expectations
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Components of GDP
Y=C+I+G+NX
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Production Function
Y=A f(L,K,H,N)
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GDP Deflator
(Nominal/Real)\*100
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Percentage Change
100\*(End-Start)/Start
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Real Interest Rate (IR)
Real IR=Nominal IR-Inflation
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Nominal Interest Rate (IR)
Nominal IR=Real IR+Inflation
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Closed Economy GDP
Y=C+I+G
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Closed Economy Investment
I=Y-C-G
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In a closed economy, saving=
investment
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Private Saving (PrS)
PrS=Y-T-C
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Public Saving (PbS)
PbS=T-G
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National Saving (NS)
NS=Y-C-G
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Budget Surplus
T-G=Public Saving
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Budget Deficit
G-T=-(Public Saving)
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Present Value (PV)
PV=FV/(1+r)^n
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Future Value (FV)
FV=PV(1+r)^n
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Real GDP
Y
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Quantity of Labor
L
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Productivity
Y/L
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Physical Capital
K
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Capital per Worker
K/L
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Human Capital
H
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Average Workers Human Capital
H/L
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Natural Resources
N
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Level of Technology
A
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Doubling Time
70/x=Time (Years)