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26 Cards in this Set
- Front
- Back
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Economy
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The structure of economic activity in a country.
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Gross Domestic Product (GDP)
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The market value of all final goods and sercices produced in teh nation during a particular period, usually a year
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Flow Variable
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A variable that measures something over an interval of time, such as your income per week.
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Stock Variable
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A variable that measures someting at a particular point in time, such as teh amoung of mone you have with you right now.
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Mercantilism
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the incorrect theory that a nation's economic goal should be to accumulate precious metals in the pulic treasury.
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Economic Fluctuations
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the rise and fall of ecnomic activity relative tot he long-term growth trend of teh economy
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Depression
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A sharp recuction in an economy's total output accomapnied by high unemployment lasting more than a year.
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Recession
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A decline in teh econom's total output lasting at ease two consecutive quarters, or six months.
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Inflation
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An increase int eh econom's averas price leve.
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Expansion
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A phase of economic activity during which teh economy's output increases
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Leading Economic Indicators
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variables that predict or lead to, a recession or recovery
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Coincident Economoic Indicators
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Variables that reflect peaks and troughs as they occur
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Lagging Economic Indicators
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Variables that follow changes in overall economic activity
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Aggregate Output (Real GDP)
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A composite measure of all final goods and services produced in an economoy during a given period.
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Aggregate Demand
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The relationship between the ecnomy's preice leve and the quantity of aggregae output demended with other things constant
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Price Level
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A composite measure reflecting the prices of all goods and services in the economyreletive to prices in a base year
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Real Gross Domestic Product (Real GDP)
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The economy's aggregate output measured in dollars of constant purchasing power
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Aggregate Demand Curve
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A curve representing the relationship between the economy's price level and reald GDP demended per period with toehrtings constant.
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Aggregate Supply Curve
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A curve represting tht realtionship between the conomy's price level and real GDP supplied per period with other things constant
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Federal Budget
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A plan for federal government outlays and revenues for a specific period, usually a year
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Federal Budget Deficit
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A flow variable that measures the amount by which federal government outlays exceed federal government revenues in a particular period, usually a year
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Demand-Side Economics
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Macroeconomic policy that focuses on shifting the aggregate demand curve as a way of promoting full employment and price stability.
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Stagflation
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A contraction, or STAGnation of a nation's output accompanied by inFLATION in the price level
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Supply Side Economocis
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Macroeconomic policy that focuses on a rightward shift of the aggregate supply curve through tax cuts or other changes that increase production incentives
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Government Debt
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A stock variable that measures the net accumulation of the annual budget deficits
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Real GDP per capita
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Read GDP divided by teh population, measure of an economy's standard of living.
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