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 percentage increase in the price level from one year to the next |
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Term
| Gross Domestic Product (GDP) |
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Definition
| the market value of all the 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
| a good or service purchased by a final user |
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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
| 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
| spending by households on goods and services, not including spending on new houses |
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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
| spending by federal, state, and local governments on goods and services |
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Term
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Definition
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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 regulation or because the goods and services are illegal |
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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
| the value of final goods and services evaluated at base-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
| a measure of the price level, calculated by dividing nominal GDP by real GDP and multiplying by 100 |
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