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Define the economics terms

Assignment Help Macroeconomics
Reference no: EM1321402 , Length: 1250 Words

Define the Economics terms below for .

.      (a)  national accounting identity

.      (b)  Hodrick Prescott filter and what it does

.      (c)  Cobb Douglas production function

.      (d)  relationship between the production function and the production possibility frontier for RC

.      (e)  preferences between consumption and leisure

.      (f)  CES utility function

.      (g)  CES utility and elasticity (or inelasticity) of demand for consumption

.      (h)  the importance of non-labor income

.      (i)  marginal product of labor (and its relation to wages)

.      (j)  marginal product of capital (and its relation to rents)

.      (k)  aggregate supply curve for labor

.      (l)  aggregate demand curve for labor (and where it comes from)

.      (m)  lump sum tax

.      (n)  sources of economic growth (from production function)

.      (o)  Kaldor's facts about economic growth

.      (p)  Williamson's facts about economic growth

.      (q)  convergence of economic growth

.      (r)  conditional convergence of economic growth

.      (s)  effective labor and labor augmenting technology

.      (t)  total factor productivity

.      (u)  Solow residual

.      (v)  Golden rule

.      (w)  endogenous and exogenous growth (and the diference)

.      (x)  AK model

.      (y)  production externalities 

Reference no: EM1321402

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