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9 Cards in this Set
- Front
- Back
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Deflation |
when overall prices fall |
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Consumer price index (CPI) |
a measure of the price level based on the consumption patterns of a typical consumer |
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Chained CPI |
a measure of the CPI in which the typical consumer's "basket" of goods considered is updated monthly |
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Shoeleather costs |
resources that are wasted when people change their behavior to avoid holding money |
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Money illusion |
when people interpret nominal changes in wages or prices as real changes |
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Real wage |
the nominal wage adjusted for changes in the price level |
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Menu costs |
the costs of changing prices |
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Output |
the production that a firm creates |
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Capital gains taxes |
taxes on the gains realized by selling an asset for more than its purchase price |
