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Chapter 12

TermDefinition
national income accounting is a bookkeeping system that a national government uses to measure the level of the country's economic activity in a given time period.
gross domestic product is the amount of salary or wages paid to the individual by an employer, before any deductions are taken.
consumption What consumers do.
investment Putting MONEY to work, in the hope of making even more money. Investment takes two main forms: direct spending on buildings, machinery and so forth, and indirect spending on financial SECURITIES, such as BONDS and SHARES.
government spending expenditure includes all government consumption, investment, and transfer payments.
net exports refer to the value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or GDP, in an open economy.
gross national income the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.
personal income refers to an individual's total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes received by all the individuals or household during a given period
disposable income income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
business cycle a cycle or series of cycles of economic expansion and contraction.
economic growth an increase in the amount of goods and services produced per head of the population over a period of time.
expansion It is a period when the level of business activity surges and gross domestic product (GDP) expands until it reaches a peak. A period of expansion is also known as an economic recovery.
recession a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
depression is a sustained, long-term downturn in economic activity in one or more economies
stagflation is an economic phenomenon marked by slow economic growth and rising prices.
aggregate demand is the total demand for final goods and services in an economy at a given time.
aggregate supply the total supply of goods and services available to a particular market from producers.
leading indicators is a measurable economic factor that changes before the economy starts to follow a particular pattern or trend
coincident indicators is a metric which shows the current state of economic activity within a particular area. Coincident indicators are important because it shows economists and policymakers the current state of the economy.
lagging indicators is a measurable economic factor that changes only after the economy has begun to follow a particular pattern or trend.
Created by: ChomariM23
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