Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
26 Cards in this Set
- Front
- Back
|
National Income accounting
|
a system that collects macroeconomic statistics on production, income,investment, and savings
|
|
|
gross domestic product (GDP)
|
the dollar value of all final goods and services produced within a countries borders in a given year.
|
|
|
intermediate goods
|
goods used in the production of final goods.
|
|
|
durable goods
|
goods that last relatively long time, refrigerators, cars, and DVD players
|
|
|
nondurable goods
|
goods that last a short period of time such as food, light bulbs, and sneakers.
|
|
|
nonminal GDP
|
GDP measured in current prices
|
|
|
real gdp
|
GDP expressed in constant or unchanging prices
|
|
|
gross national product
|
(GNP) the annual income earned by U.S owned firms and U.S. citizens
|
|
|
depreciation
|
the loss of the value of capital equipment that results from normal wear and tear
|
|
|
price level
|
the average of all prices in the economy
|
|
|
aggregate supply
|
the total amount of goods and services in the economy available at all possible price levels
|
|
|
aggregate demand
|
the amount of goods and services in the economy that will be purchased at all possible price levels.
|
|
|
business cycle
|
a period of macroeconomic expansion followed by a period of contraction
|
|
|
expansion
|
a period of economic growth as measured by a rise in real GDP
|
|
|
economic growth
|
a steady long terms increase in real GDP
|
|
|
peak
|
the height of an economic expansion when real GDP is rising.
|
|
|
contraction
|
a period of economic decline marked by falling real GDP
|
|
|
trough
|
the lowest point in an economic contraction, when real GDP stops falling
|
|
|
recession
|
a prolonged economic contraction
|
|
|
depression
|
a recession that is especially long and severe
|
|
|
stagflation
|
a decline in real GDP combined with a rise in price level.
|
|
|
real GDP per capita
|
real Gdp divided by the total population
|
|
|
capital deepening
|
process of increasing the amount of capital per worker
|
|
|
savings rate
|
the proportion of disposable income that is saved
|
|
|
saving
|
income not used in consumption
|
|
|
technological progress
|
an increase in efficiency gained by producing more output without using more inputs
|
