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20 Cards in this Set
- Front
- Back
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nominal GDP |
current value of gods and services |
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Productivity |
ratio of output to input |
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external issues |
wars, foreign relations, natural disasters |
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consumer expectation |
consumer confident in buying things |
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real gdp |
corrected for change year to year |
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expansion |
economic growth |
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Peak |
GDP highest point |
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Business decisions |
demand slumps, new technology |
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quality of life |
GDP doesnt show how goods and services are distributed |
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underground economy |
describe market activities that go unreported b/c they are illegal |
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contraction |
can become recession |
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Gross Domestic Product |
market value of all final goods and services produced within a nation in a given time period |
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change in interest rates |
increase rates cut back in buying |
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business cycle |
series of growing and shrinking periods of economic activity |
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lagging indicators |
consumer credit after GDP |
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coincident indicators |
income same as GDP |
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Leading indicator |
new building permits capital goods, stock, prices, money supply. |
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Nonmarket activities |
services that have potential economic value but are performed w/o change |
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trough |
GDP and unemployment stop decrease |
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stagflation |
price increase business decrease |
