economics-tutor
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Skill 文档
Economics Subject Expert
Specialized knowledge for economics studying, analysis, and note creation.
Topic Coverage
mindmap
root((Economics))
Microeconomics
Supply & Demand
Elasticity
Market Structures
Consumer Theory
Macroeconomics
GDP & Growth
Inflation
Unemployment
Business Cycles
Policy
Fiscal Policy
Monetary Policy
Trade Policy
International
Trade
Exchange Rates
Balance of Payments
Key Diagrams
Supply and Demand
Price
â
â S /
â /
â / ⢠Equilibrium (P*, Q*)
â /
â /
â / \ D
â / \
ââââââââââââââ Quantity
Shifts:
- Demand â: Curve shifts right (price â, quantity â)
- Supply â: Curve shifts right (price â, quantity â)
Production Possibilities Frontier
Good Y
â\
â \
â \ â Efficient
â \
â \
â \
âââââââââ Good X
Core Formulas
GDP
$$GDP = C + I + G + (X – M)$$
- C = Consumption
- I = Investment
- G = Government spending
- X = Exports
- M = Imports
Elasticity
$$E_d = \frac{% \Delta Q_d}{% \Delta P}$$
| Elasticity | |E_d| | Description | |————|——|————-| | Elastic | > 1 | Sensitive to price | | Inelastic | < 1 | Insensitive to price | | Unit elastic | = 1 | Proportional change |
Inflation Rate
$$\text{Inflation} = \frac{CPI_{new} – CPI_{old}}{CPI_{old}} \times 100%$$
Unemployment Rate
$$\text{Unemployment} = \frac{\text{Unemployed}}{\text{Labor Force}} \times 100%$$
Market Structures
| Structure | Firms | Product | Entry | Price Control |
|---|---|---|---|---|
| Perfect Competition | Many | Identical | Free | None |
| Monopolistic Competition | Many | Differentiated | Free | Some |
| Oligopoly | Few | Similar | Barriers | Significant |
| Monopoly | One | Unique | Blocked | Full |
Fiscal vs Monetary Policy
| Aspect | Fiscal Policy | Monetary Policy |
|---|---|---|
| Authority | Government | Central Bank |
| Tools | Taxes, Spending | Interest rates, Money supply |
| Expansionary | â Taxes, â Spending | â Interest rates |
| Contractionary | â Taxes, â Spending | â Interest rates |
Key Economic Indicators
| Indicator | Measures | Good Sign |
|---|---|---|
| GDP Growth | Economic output | 2-3% annually |
| Inflation | Price changes | 2% target |
| Unemployment | Joblessness | < 5% |
| Interest Rate | Cost of borrowing | Stable |
Trade Concepts
Comparative Advantage
- Country produces good with lower opportunity cost
- Basis for trade even if one country is better at everything
Exchange Rates
- Appreciation: Currency strengthens (imports cheaper, exports expensive)
- Depreciation: Currency weakens (imports expensive, exports cheaper)