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12 Cards in this Set
- Front
- Back
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GDP |
Dollar value of all final goods, services, and structures produced within a country's national borders during a one year period |
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GNP |
Total dollar value of all final goods, services, and structures produced in one year with labor and property supplied by a country's residents, regardless of where the production takes place. |
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CPI |
Index used to measure price changes for a market basket of frequently used consumer items. |
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Standard of living |
Quality of life based on ownership of necessities and luxuries that make life easier |
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Peak |
Point in time when real GDP stops expanding and begins to decline |
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Trough |
Point in time when real GDP stops declining and begins to expand |
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Cyclical unemployment |
Unemployment directly related to swings in the business cycle |
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Recession |
Decline in real GDP lasting two quarters or more |
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Lorenz curve |
Curve showing how much the actual distribution of income differs from an equal distribution |
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Monetary policy |
Actions by the federal reserve system to expand or contract the money supply in order to affect the cost and availability of credit |
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Balance sheet |
Condensed statement showing assets, liabilities, and net worth of an economic unit |
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Regulation Z |
Provision extending truth-in-lending disclosures to consumers |
