Term
| Gross Domestic Product(GDP) |
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Definition
| the market value of all officially recognized final goods and services produced within a country in a given period |
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Definition
| goods used as inputs in the production of other goods, such as partly finished goods |
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Definition
| any tangible good or commodity which is produced and subsequently consumed by the consumer, to satisfy its current want or need is the consumer good |
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Definition
| wrongly including the value of intermediate goods in the GDP; counting the same good or service more than once |
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Term
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Definition
| the method that adds all expenditures made for final goods and services to measure the GDP |
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Term
| Personal consumption expenditures |
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Definition
| the expenditures of households for durable and non durable consumer goods and services |
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Term
| Gross Private Domestic Investment |
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Definition
| expenditures for newly produced capital goods (such as machinery, equipment, tools, and buildings) and for additions to inventories |
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Definition
| expenditures by government for goods and services that govt consumes in providing public goods and for public capital that has a long lifetime; the expenditures of all govts in the economy for those final goods and services |
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Definition
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| total income earned by resource suppliers for their contributions to GDP plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors' income, and such taxes |
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Term
| Consumption of Fixed Capital |
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Definition
| an estimate of the amount of capital worn out or used up (Consumed) in producing the GDP; depreciation |
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Definition
| the decrease in value of assets |
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Definition
| the earned and unearned income available to resource suppliers and otheres before the payment of personal taxes |
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Term
| Disposable Personal Income |
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Definition
| personal income less personal taxes; income available for personal consumption expenditures and person saving |
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Definition
| the GDP measured in terms of the price level at the time of measurement (unadjusted for inflation) |
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Term
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Definition
| gross domestic product adjusted for inflation |
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Term
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Definition
| the ratio of nominal GDP to real GDP (usually multiplied, as with a price index, by 100) |
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Term
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Definition
| the point in a business cycle at which business activity has reached a temporary max; the economy is near or at full employment and the level of real output is at or very lose to the economy's capacity |
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Definition
| a period of declining real GDP, accompanied by lower real income and higher unemployment |
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Definition
| the point in a business cycle at which business activity has reached a temporary maximum; the point at which a recession has ended and an expansion (recovery) begins |
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Term
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Definition
| Phase in an economic cycle where employment and output begin to rise to their normal levels after a recession or slump |
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Term
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Definition
| persons 16 years of age and older who are not in institutions and who are employed or are unemployed and seeking work |
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Term
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Definition
| the percentage of the labor force unemployed at any time |
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Definition
| a type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs |
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Definition
| unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available |
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Term
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Definition
| a type of unemployment caused by insufficient total spending (or by insufficient aggregate demand) |
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Term
| Full-employment rate of unemployment |
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Definition
| the unemployment rate at which there is no cyclical unemployment of the labor force; equal to between 4-5% in the US because some frictional and structural unemployment is unavoidable |
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Term
| Natural rate of unemployment |
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Definition
| the unemployment rate at which there is no cyclical unemployment of the labor force; equal to between 4-5% in the US because some frictional and structural unemployment is unavoidable |
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Definition
| a rise in the general level of prices in an economy |
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Definition
| an index that measures the prices of a fixed "market basket" of some 300 goods and services bought by a "typical" consumer |
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Definition
| increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand |
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Term
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Definition
| increases in the price level (inflation) resulting from an increase in resource costs (for example, raw-material prices) and hence in per-unit production costs; inflation caused by reductions in aggregate supply |
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Definition
| the number of dollars received by an individual or group for its resources during some period of time |
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Definition
| the amount of goods and services that can be purchased with nominal income during some period of time; nominal income adjusted for inflation |
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Definition
| a decline in the economy's price level |
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Definition
| Circumstance where the inflation of a nation increases gradually, but continually, over time; the effect will become greater and greater |
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Definition
| When the movement of price accelerates rapidly |
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Definition
| a very rapid rise in the price level; an extremely high rate of inflation |
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Term
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Definition
| the inflation rate is high, the economic growth rate slows down, and unemployment remains steadily high |
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Term
| Net Private Domestic Investment |
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Definition
| gross private domestic investment less consumption of fixed capital; the additon to the nation's stock of capital during a year |
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