Term
| Gross Domestic Product (GDP) |
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Definition
| The market value of all final goods and services produced in a country during a period of time, typically one year |
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Term
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Definition
| The percentage increase in the price level from one year to the next |
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Term
| Intermediate good or service |
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Definition
| A good or service that is an input into another good or service, such as a tire on a truck |
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Term
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Definition
| Spending by firms on new factories, office buildings, machinery, and additions to inventories, plus spending by households and firms on new houses |
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Term
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Definition
| The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth |
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Term
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Definition
| The study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices |
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Term
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Definition
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Term
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Definition
| The value of final goods and services evaluated at current-year prices |
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Term
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Definition
| A measure of the average prices of goods and services in the economy |
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Term
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Definition
| The value of final goods and sevices evaluated at base-year prices |
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Term
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Definition
| The period of a business cycle during which total production and total employment are deceasing |
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Term
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Definition
| Payments by the government to individuals for which the government does not receive a new good or service in return |
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Term
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Definition
| Buying and selling of goods and services that is concealed from the government to avoid taxes or regulations or because the goods and servics are illegal |
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Term
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Definition
| The market value a firm adds to a product |
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Term
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Definition
| Alternating perods of economic expansion and economic recession |
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Term
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Definition
| Spending by households on goods and services, not including spending on new houses |
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Term
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Definition
| The ability of an economy to produce increasing quantities of goods and services |
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Term
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Definition
| The peroid of a business cycle during which total production and total employment are increasing |
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Term
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Definition
| A good or service purchased by a final user |
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Term
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Definition
| A measure of the price level, calculated by dividing nominal GDP by real GDP and multiplying by 100 |
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Term
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Definition
| Spending by federal, state and local governments on goods and services |
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