Terms : Hide Images
| 6479894889 | Gross Domestic Product | The total dollar value of all final goods and services produced within the borders of a country during a specific time period, usually one year. | 0 | |
| 6479894890 | final good | a new good that undergoes no further processing before it is sold to consumers (Counted in GDP) | 1 | |
| 6479894891 | intermediate good | good purchased for resale or for use in producing another good (not counted in GDP) | 2 | |
| 6479894892 | circular flow | a model of the movements of goods, services, resources, and money in an economy | 3 | |
| 6479894893 | product market | market where producers offer goods and services for sale to households, other businesses, and the government | 4 | |
| 6479894894 | resource market | a market in which households sell and firms buy resources (land, labor, capital, entrepreneurship) | 5 | |
| 6479894895 | consumption | spending by households on goods and services, with the exception of purchases of new housing | 6 | |
| 6479894896 | investment | business spending on capital equipment, inventories, and structures and household purchases of new housing | 7 | |
| 6479894897 | net exports | spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) | 8 | |
| 6479894898 | income approach | Calculating GDP by adding up all earnings from resources used to produce output in the nation during the year (Wages + Rent + Interest + Profit) | 9 | |
| 6479894899 | Expenditure approach | calculating GDP by adding up spending on all final goods & services produced in the nation during the year (Consumer Spending (C) + Investment (I) + Government Spending (G) + Net Exports (Xn) | 10 | |
| 6479894900 | Net Domestic Product | gross domestic product minus depreciation | 11 | |
| 6479894901 | National Income | the total value of all income in a nation (wages and profits and interest and rents and pension payments) during a given period (usually 1 yr) | 12 | |
| 6479894902 | Personal Income | monies received by households (National Income + transfer payments) | 13 | |
| 6479894903 | Disposable Income | personal income minus personal taxes | 14 | |
| 6479894904 | GDP per capita | total value of goods and services produced in a year divided by the population | 15 | |
| 6479894905 | Gross National Product | The total value of goods and services, including income received from abroad, produced by the citizens of a country within a specific time period, usually one year. | 16 | |
| 6479894906 | Real GDP | GDP after adjustments for inflation | 17 | |
| 6479894907 | Nominal GDP | the GDP measured in terms of the price level at the time of measurement (unadjusted for inflation) | 18 | |
| 6479894908 | Inflation | an increase in the overall level of prices in the economy | 19 | |
| 6479894909 | demand pull inflation | increases in the price level resulting from an excess of demand over output | 20 | |
| 6479894910 | cost push inflation | Increases in the price level due to a rise in the cost of production. | 21 | |
| 6479894911 | real interest | The rate of interest adjusted for inflation. (Nominal interest rate - inflation rate) | 22 | |
| 6479894912 | nominal interest rate | the stated interest rate on a loan | 23 | |
| 6479894913 | unemployment rate | the percentage of people in the civilian labor force who are not working but are looking for jobs | 24 | |
| 6479894914 | structural unemployment | unemployment that occurs when workers skills do not match the jobs that are available | 25 | |
| 6479894915 | frictional unemployment | unemployment caused by workers changing jobs or waiting to go to new ones | 26 | |
| 6479894916 | cyclical unemployment | unemployment that rises during economic downturns and falls when the economy improves | 27 | |
| 6479894917 | natural rate of unemployment | The "normal" unemployment rate due to frictional and structural conditions in labor markets. It is the unemployment rate that occurs even when the economy is operating at a maximum sustainable rate of output. | 28 | |
| 6479894918 | Okun's law | for every 1% of unemployment above the natural rate a negative GDP gap of 2% occurs | 29 | |
| 6479894919 | GDP Gap | the difference between the actual GDP and the potential GDP that could be produced if all resources were fully employed. | 30 | |
| 6479894920 | Business Cycle | recurring fluctuations in economic activity consisting of recession and recovery and growth and decline | 31 | |
| 6479894921 | Expansion | a period of economic growth as measured by a rise in real GDP and fall in the unemployment rate | 32 | |
| 6479894922 | Peak | the height of an economic expansion, when real GDP stops rising and the unemployment rate is at its natural rate | 33 | |
| 6479894923 | Contraction | A period of economic decline marked by falling real GDP and rising unemployment | 34 | |
| 6479894924 | recession | two or more consecutive quarters of decline in Real GDP | 35 | |
| 6479894925 | trough | the lowest point in an economic contraction, when real GDP stops falling and unemployment rates are high | 36 | |
| 6479894926 | recovery | the phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again | 37 | |
| 6479894927 | cyclical goods | Products for which demand is strongly affected by changing income. | 38 | |
| 6479894928 | non-cyclical goods | Products for which demand is not usually affected by changes in the economy | 39 |
