Course glossary
During lectures you will learn new words. Using this link you are welcome to add them to our "course glossary", so that other students will be able to see them and learn. Let's make our own useful glossary and help each other to learn new words! By the way, there are already some worlds which should be familiar for you till the end of the course, try to cover them when you mill have free time.
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Real GDPThe value of current production, but using prices from a fixed point in time. | |
Real incomeToday’s income measured in base year dollars. | |
Real rate of interestThe cost of borrowing to fund an investment. This can be thought of as the marginal cost of an investment project. | |
RecessionIn the AD and AS model, this is described as falling ad with a constant as curve. GDPR falls far below fe levels and the u% rises. | |
Recessionary gapThe amount by which full-employment gdp exceeds equilibrium GDP. | |
Regressive taxThe proportion of income paid in taxes decreases as income rises. An example is a sales tax. | |
Relative pricesThe number of units of any other good y that must be sacrificed to acquire the first good x. | |
Renewable resourcesNatural resources that can replenish themselves if they are not over-harvested. | |
Required reservesportion of a deposit that must be held at the bank for withdrawals. | |
Reserve ratioThe fraction of total deposits that must be kept on reserve. | |