Term
|
Definition
| Studies the economy as a whole |
|
|
Term
|
Definition
| refers to alternating periods of economic expansion and economic recession. |
|
|
Term
|
Definition
| a period during which production and employment are increasing |
|
|
Term
|
Definition
| a period during which production and employment are decreasing |
|
|
Term
|
Definition
| refers to the ability of the economy to produce increasing quantities of goods and services |
|
|
Term
|
Definition
| percentage increase in the price level from one year to the next |
|
|
Term
| Gross domestic product(GDP) |
|
Definition
| measurement of total production consisting of all final goods and services produced in an economy during a period of time, also toatl income, four major categories of expenditures: consumption investment, government purchases, and net exports |
|
|
Term
|
Definition
| purchased by a final user |
|
|
Term
| Intermediate good or service |
|
Definition
| an input into another good or service and is not included in GDP |
|
|
Term
|
Definition
| not include in GDP, they are payments to individuals for which the government does not receive a good or service in return. |
|
|
Term
|
Definition
| GDP can be calculated by adding up the value of every firm involved in producing final good and services. |
|
|
Term
|
Definition
| consists of concealed buying and selling |
|
|
Term
|
Definition
| value of final goods and services evaluated at current year prices |
|
|
Term
|
Definition
| value of final goods and services evaluated at base-year prices |
|
|
Term
|
Definition
| average price of goods and services in the economy |
|
|
Term
|
Definition
| measure of the price level and is calculated by dividing nominal gdp by real gdp and multiplying by 100 |
|
|
Term
|
Definition
| expenditures made by households spent on services,non durable goods (food, and durable goods like cars |
|
|
Term
|
Definition
| spending by federal state and local governments on goods and services |
|
|
