Тема 6.

Виробництво та розподіл національного доходу

Income inequality - the unequal distribution of economies total income among

persons war families
Marginal product of labor - the amount of extra output produced when the labor
input is increased by one unit
Personal distribution of income - the manner in which the economy’s personal or
disposable income is divided among different households
Poverty rate- the percentage of the population with incomes below the official
powerty income established by the government.
Poverty – a situation in which the basis needs of an individual or family exceed the
means to satisfy them.
Price taker- a seller or buyer of a product or service who is unable to affect the
price at which a product or resource cells by changing the amount it( sells or buy).
Production function - the mathematical relationship showing how the quantities of
the factors of production determine the quantity of goods and services produced.
 Тема 7. Монетарна економіка

валюта – currency Real interest rate – the interest rate corrected for the effects of inflation
валютний курс – exchange rate Discount rate – the interest rate on the loans that a central bank makes to banks
вільно конвертована валюта – truly convertible currency Interest rate – the ratio of the interest payment to the amount borrowed
гнучкий валютний курс – flexible exchange rate Real money balanced – the quantity of money expressed in terms of the quantity
девальвація – devaluation of goods and services it can buy; the quantity of money divided by the price level
(M/P)
загальний (сукупний) попит на гроші – total demand for money
Asset demand for money – the amount of money people want to hold as a store of
закон однієї ціни – law of one price
value
знецінення (про валюту) – depreciation
Transactions demand for money – the amount of money people want to hold for
кероване плавання валютних курсів – managed floating exchange rate use as a medium of exchange (to make payments), and which varies directly with a
кількісна теорія грошей – quantity theory nominal GDP
кількісне рівняння обміну – quantity equation of exchange Exchange rate – the rate of one nation’s currency for another nation’s currency
Міжнародний валютний фонд – International Monetary Fund Floating exchange rate – a rate of exchange determined by the international
монетарна економіка – monetary economy demand for and supply of the nation’s money
номінальна процентна ставка – nominal interest rate Bretton Woods system – the international monetary system in which adjustable
pegs were employed and gold and the dollar were used as international monetary
підвищення обмінного курсу – exchange rate appreciation
reserves.
попит на гроші як активи – asset demand for money
Devaluation – a decrease in the governmentally defined value of a currency
поцінування (про валюту) – appreciation
реальна процентна ставка – real interest rate
реальна процентна ставка ex ante – ex ante real interest rate
реальна процентна ставка ex post – ex post real interest rate
реальний обмінний курс – real exchange rate
реальні грошові залишки – real money balances
ревальвація (про валюту) – revaluation
резервні активи – reserve assets (official reserves)
рівноважна процентна ставка – equilibrium exchange rate
«спільне плавання» - joint floating
спеціальні права запозичення – Special Drawing Rights
тверда валюта – hard currency
паритет купівельної спроможності – purchasing power parity
попит на гроші для операцій (операційний попит на гроші) – transaction demand
for money
фіксований валютний курс – fixed exchange rate
фінансові посередники – financial intermediaries
швидкість обігу грошей – velocity of money
 Тема 8. Споживання та інвестиції
еластичність попиту – wealth elasticity of demand 1. Marginal propensity to consume (гранична схильність до заощаджень) – the
криві байдужості – indifference curves fraction of any change in disposable income spent for consumer goods; equal to the change
ліквідність – liquidity in consumption divided by the change in disposable income.
2. Precautionary saving (запобіжні заощадження) – the extra saving that results from
майбутня вартість – future value
uncertainly regarding, for example, longevity or future income.
менш ризиковий актив – less risky asset 3. Borrowing constraint (податкові обмеження) – a restriction on the amount a
споживча заборгованість – consumer indebtedness person can borrow from financial institutions; also called a liquidity constraint.
ступінь невизначеності і ризику – degree of uncertainty and risk 4. National saving – the sum of private and public saving.
точка нульового заощадження – break-even point 5. Average propensity to consume (середня схильність до споживання) – the slope
функція заощадження – saving function of a line drawn from the origin to a point on the consumption function.
функція споживання – consumption function 6. Budget constraint (бюджетні обмеження) – the limit that income places on
expenditures.
7. Diversification – the holding of many risky assets.
8. Luxury – an asset whose wealth elasticity is greater than one.
9. Dissaving (від’ємні заощадження) – spending for consumer goods and services in
excess of disposable income; the amount by which personal consumption expenditures
exceed disposable income.
1. Tobin’s q – the ratio of the market value of installed capital to its replacement cost.
2. Transitory income (тимчасовий дохід) – income that people do not expect to
persist into the future.
3. Life-cycle hypothesis (гіпотеза життєвого циклу) – the theory of consumption that
emphasizing the role of saying and borrowing as transferring resources from those time in
life when income is high to those time in life when income is low, such as from working
years to retirement.
4. Permanent income (постійний дохід) – income that people expect to persist into
the future.
5. Moral hazard problem – a situation that occurs after a transaction in which a one
party on the transaction has incentives to engage in behavior that is undesirable from the
other party’s point of view.
6. Asymmetric information – the inequality of the information that each party to a
transaction knows.
7. Adverse selection problem (проблема несприятливого вибору) – a problemarising
of the information that each party to a transaction knows.
Тема 9. Економічне зростання

Solow growth model – a model showing how saving, population growth, and technological
progress determine the level of and growth in the standard of living.
Golden Rule level of capital – the steady-state value of capital that maximizes consumption.
Steady state – a condition in which key variables are not changing.
Steady-state level of capital – the level of capital at which investment per worker equals
depreciation per worker.
Break-even – the amount of investment necessary to keep the capital stock per worker
constant.
Solow residual – the growth in total factor productivity, measured as the percentage change
in output minus the percentage change in inputs, where the inputs are weighted by their
factor shares.
Technological progress – improved knowledge about methods of production that shifts the
production function upward.