Economics > EXAM > Summary: The Economics of Money, Banking and Financial Markets by Mishkin [Distinction]Quistions an (All)
Summary: The Economics of Money, Banking and Financial Markets by Mishkin [Distinction]Quistions and Answer 2023
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aggregate income - -The total income of factors of production (land, labor, capital) in the economy -aggregate output - -The total production of final goods and services in the economy -aggregat... e price level - -The average price of goods and services in an economy -asset - -A financial claim or piece of property that is a store of value -banks - -Financial institutions that accept money deposits and make loans (such as commercial banks, savings and loan associations, and credit unions) -bond - -A debt security that promises to make payments periodically for a specified period of time -budget deficit - -The excess of government expenditure over tax revenues -budget surplus - -The excess of tax revenues over government expenditures -business cycles - -The upward and downward movement of aggregate output produced in the economy -central bank - -The government agency that oversees the banking system and is responsible for the amount of money and credit supplied in the economy; in the United States, the Federal Reserve System [Show More]
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