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AP Macro

Unit 2: Measurements of Eco. Performance

Gross Domestic Product (or GDP) The total value of all final goods and services produced in the economy during a given year
final goods and services Goods and services sold to the final, or end, user.
Intermediate Good Goods and services bought from one firm by another firm to be used as inputs into production of final goods and services
Real GDP The total value of all final goods and services produced in the eco. during a given year, calculated using the prices of a selected base year.
Nominal GDP The total value of all final goods and services produced in the eco. during a given year, calculated with the prices current in the year in which the output is produced
GDP Per Capital Is GDP divided by the size of the population; it is equivalent to the average GDP per person
Labor Force is equal to the sum of the employed and unemployed
Unemployment Rate Is the percentage of the total # of people in the labor force who are unemployed. Only indicates those that are actively looking for work but can't find a job.
Frictional Unemployment Unemployment due to the time workers spend in job search. (searching or waiting for jobs...recent college grads)
Structural Unemployment Type of Frictional unemploy. that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate. (often due to creative destruction...new skills have made old skills outmoded)
Natural Rate of Employment The unemployment rate that rises from the effects of frictional + structural unemployment
Cyclical Unemployment Is the deviation of the actual rate of unemployment from the natural rate. (cause of recession)
Inflation Rate Is the percent change per year in a price index-typically the consumer price index
Unit of account costs Arise from the way inflation makes money a less reliable unit of measurement
Nominal interest rate Is the interest rate actually paid for a loan
Real interest rate Is the nominal interest rate minus the rate of inflation
market basket A hypothetical set of consumer purchases of goods and sevices.
price index Measures the cost of purchasing a given market in a given year, The index value is normalized so its = to 100 in the selected base year.
Consumer Price Index (CPI) Measures the cost of the market basket of a typical urban American family
GDP deflator For a given year is 100xs the ratio of nominal GDP to real GDP in that year
Created by: aly01