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19 Cards in this Set
- Front
- Back
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The structure of economic activity in a loality, a region, a country, a group of countries, or the world
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economy
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the market value of all final goods and services produced in the United States during a given period, usuly a year
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gross domenstic product (GDP)
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Household purchases of final goods and services
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consumption
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the purchase of new plants, new equipment, new buildings, new resdiences,and net additions to inventories
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investment
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total spending on all final goods and services produced in the economy during the year
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aggregate expenditure
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the sum of all the income earned by resource suppliers in the economy during a given year
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aggregate income
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the value of the capital stock that is used up or becomes obsolete in producing GDP during the year
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depreciation
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GDP based on prices at the time of the transaction; current-dollar GDP
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nominal GDP
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the economy's aggregate output measured in dollars of constant purchasing power; CDP measured in terms of the goods and services produced
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real GDP
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measure of inflation based on the cost of a fixed "market basket" of goods and services purchased by a typical family
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consumer price index (CPI)
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fluctuations reflecting the rise and fall of economic activity relative to the long-term growth trend of the ecnomy
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business cycle
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a decline in total production lasting at least two consecutive quarters, or at least six months
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recession
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the phase of economic activity during which the economy's total output increases
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expansion
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measures that usually predict, or lead to, recessions or expanions
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leading economic indicators
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a composit measure of all final goods and services produced in an economy durng a given period; real GDP
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aggregate output
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the relationship between the economy's price level and the quantity of aggregate output demanded, with other things constant
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aggregate demand
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a composite measure reflecitng the prices of all goods and services in the economy relative to prices in a base year
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price level
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a curve representing the relationship between the economy's price level and real GDP demanded per peripod, with other things constant
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aggregate demand curve
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a curve representing the relationship between the economy's price level and real GDP supplied per period, other things constant
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aggregate supply curve
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