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26 Cards in this Set

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