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13 Cards in this Set
- Front
- Back
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GDP |
Gross Domestic Product Measures the total market value of all final goods and services produced in an economy during a given period of time |
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CPI |
Consumer Price Index Measures the rate of inflation from month to month on consumer prices |
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Inflation |
an increase in the general level of prices |
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deflation |
a decrease in the general level of prices |
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Stagflation |
an increase in prices, weak economic growth, and high unemployment |
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NDP |
Net Domestic Product GDP minus depreciation |
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Net Exports |
exports minus imports |
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Recession |
at least two back to back quarters of negative economic growth |
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Productivity |
Output per unit of labor input |
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DI |
Disposable Income Personal income minus personal taxes DI = C + S |
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4 Phases of the Business Cycle |
Peak Recession Trough Recovery/Expansion |
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3 Types of unemployment |
Frictional Structural Cyclical |
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3 Non-Income determinants of consumptions and income |
wealth effect household debt taxation consumer expectations real interest rates |
