开始

Economic 复习总结

  • Basic economic
    • Economic: study of how people use scarce resource
    • Resources: something that is used to make products
    • Four types of input:  land  labor  capital  entrepreneurs
    • Resources = inputs = factors of production
    • Products = outputs = goods
    • Capital = machine tools =  building  {man-made resources}
    • Scarcity problem: unlimited wants, limited resource
    • Opportunity cost: what you you lose in order to gain
    • PPC: Production possibility Curve
      • Slope == opportunity cost
      • Comparative advantage:  一个比另一个比率大
      • Trade radial:  在两个比率之前求平均值
    • OMO: Open market operation free to buys or cell bonds
      • Buy: Money supply⬆️
      • Sell: MS ⬇️
    • Central Bank == Federal Reserve == FED
    • Complement-substitude
  • Price controls
    • Law of Demand 
- OOIT 
Negat ive Relat ionghip 
Demand 
3 
Law of 
Supply 
3 
2 
3 
Schedule 
3 
3 
supp IV 
Pogitivitu schedule 
Schedu le 
345
    • Money comes from central bank financial reserve banking system
    • Fed buy or sell bonds
    • Law of demand
      • PED: Measures how sensitive consumers are to the price
      • PED 越大越接近水平
    • Chang ing In demand: 
Income (consumer) 
Preference 
# of buyer 
Expectat i on 
- Price of related goods.
  • 经济学派
  • Money
    • Where does money comes from?
      • Central bank  中央银行
      • Fractional reserve banking system 部分储备银行系统
        • Reserve ratio = 10% in US
    • The function of money
      • Medium of exchange: make it easy to trade products & services.
        • 交换媒介:使产品和服务的交易变得容易。
      • Store of value: save your purchasing power.
        • 价值储存:节省您的购买力。
      • Unit of account: to measure the value of something.
        •  记账单位:衡量某物的价值。
    • Three types of money
      • Commodity money 商品货币 (has intrinsic value)  商品货币(具有内在价值)
        • Exp: cow, silver, tobacco(烟草)
      • Fiat money (no intrinsic value, govt. decree) (无内在价值,政府法令)(paper money) 法定货币(纸币)
      • Commodity-backed money (gold standard or silver standard or copper standard or cow standard.) 商品担保货币(金本位 或 银本位 或 铜本位 或 牛本位)
        • Ex:
1957 One Dollar Silver Certificate | Learn the Current Value
  • Money of exchange
    • Unit of account + used to value something/ measure the worth of something 
  • Store of value
    • Transferring purchasing power from now to later
  • Gold window closed: 1971
    • 1960- USD supply ↑  but  gold supply do not change
    • France think because the USA are fight with Vietnam, so France think USA are just printing money, and France want to change money to gold first. Then many country followed. Thus USA don't have enough gold.
    • 1970s - Nixon stop the exchange from money to gold.
      • Before: 1oz gold == $20
      • Now: Gold price today
Gold Spot PriceSpot Change
Gold price per ounce$1,821.95        2.08%
  •  Function of FED:
    • Control the Money Supply
    • Supervise the bank(监督)
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  • Bank accounts 银行账户
    • Savings Accounts 储蓄账户
    • Checking Accounts 支票账户
    • Money Market Accounts 货币市场账户
  • Money Supply
    • M1
      • Coin
      • Currency
      • Demand Deposits
      • Travelers Checks
        • a check for a fixed amount that can be cashed or used in payment after endorsement with the holder's signature.
    • M2
      • All things in M1
      • + Saving account
      • + CD
  • Jerome Powell - the people who countral the central bank
  • There're three central bank in US (in history)
    • 1st from 1791 to 1811
    • 2nd from 1816 - 1836
    • Current 1913 - present
  • The president who don't like central bank:
    • Thomas Jefferson
    • Andrew Jackson
  • Two Main Types
    • Keynes:
      • Animal spirits
        • Bull 牛市(膨胀)
        • Bear熊市(萧条)
        • increased government expenditures
        • lower taxes to stimulate demand
        • pull the global economy out of the depression
      • Keynesian economics focuses on using active government policy to manage aggregate demand in order to address or prevent economic recessions.
    • Hayek:
      • Free market
      • Criticize those people who set the low interest rate artificially.

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