Term
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Definition
| recurring increases and decreases in the level of economic activity over periods of years |
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Term
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Definition
| a period of declining real GDP, accompanied by lower real income and higher unemployment |
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Term
| Real GDP (real gross domestic product) |
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Definition
| gross domestic product adjusted for inflation; gross domestic product in a year divided by the GDP price index for that year, the index expressed as a decimal |
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Term
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Definition
| the GDP measured in terms of the prices level at the time of measurement (unadjusted for inflation) |
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Term
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Definition
| the failure to use all available economic resources to produce desired goods and services; the failure of the economy to fully employ its labor force |
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Term
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Definition
| a rise in the general level of prices in an economy |
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Term
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Definition
| the historically recent phenomenon in which nations for the first time have experienced sustained increases in real GDP per capita |
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Term
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Definition
| the accumulation of funds that results when people in an economy spend less (consume less) than their incomes during a given time period |
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Term
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Definition
| in economics, spending for the production and accumulation of capital and additions to inventories |
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Term
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Definition
| the purchase of a financial asset (such as a stock, bond, or mutual fund) or real asset (such as a house, land, or factories) or the building of such assets in the expectation of financial gain |
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Term
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Definition
| another word for investment |
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Term
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Definition
| the anticipations of consumers, firms, and others about future economic conditions |
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Term
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Definition
| sudden, unexpected changes in demand |
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Term
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Definition
| sudden, unexpected changes in aggregate supply |
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Term
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Definition
| goods that have been produced but remain unsold |
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Term
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Definition
| "sticky prices", product prices that remain in place (at least for a while) even though supply or demand has changed |
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Term
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Definition
| product prices that freely move upward or downward when product demand or supply changes |
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