Term
|
Definition
|
|
Term
|
Definition
| The dollar value of final goods and services produced within a country's borders within a given year. |
|
|
Term
|
Definition
| Goods used in the production of final goods. |
|
|
Term
| National Income Accounting |
|
Definition
| A system that collects macroeconomics statistics on production, income, investment, and savings. |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| All things produced by American but doesn't have to be in country's borders. |
|
|
Term
|
Definition
| (Gross National Product) - depreciation |
|
|
Term
|
Definition
| Personal Income minus individual income |
|
|
Term
|
Definition
| expansion followed by contraction |
|
|
Term
|
Definition
| 2 or more quarters of falling real GDP |
|
|
Term
|
Definition
|
|
Term
| How to get out of recession |
|
Definition
raise spending
lower taxes |
|
|
Term
|
Definition
| Gross domestic product divided by population |
|
|
Term
| What form of GDP is best for measuring standard of living? |
|
Definition
|
|
Term
|
Definition
| The taxing and spending policy of national government, controlled by elected officials. |
|
|
Term
| Budget year is the same as |
|
Definition
|
|
Term
|
Definition
|
|
Term
| Contraction Fiscal Policy |
|
Definition
| increase government spending, lower taxes |
|
|
Term
| Contraction Monetary Policy |
|
Definition
Open Market Operations
Decrease Discount
Decrease reserve requirements |
|
|
Term
|
Definition
| The actions the federal reserve takes to influence the level of Real GDP and the rate of inflation, |
|
|
Term
| FAC- Federal Advisory Council |
|
Definition
| Collects information about each district |
|
|
Term
| FOMC- The Federal Open Market Committee |
|
Definition
| Makes key decisions about interest rates and the growth of United States money. |
|
|
Term
| RRR- Required Reserve Ratio |
|
Definition
| Amount of money to be kept on hand |
|
|
