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ECON2 Chapter 12

QuestionAnswer
a way of analyzing a country’s economy using statistical measures of its income, spending, and output national income accounting
the market value of all final goods and services produced within a nation in a given time period gross domestic product (GDP)
the gross domestic product stated in terms of the current value of goods and services nominal GDP
the gross domestic product corrected for changes in prices from year to year real GDP
services that have potential economic value but are performed without charge nonmarket activities
market activities that go unreported because they are illegal or because those involved want to avoid taxation underground economy
the market value of all final goods and services produced by a country in a given time period gross national product (GNP)
the gross national product minus depreciation of capital stock—in other words, the value of final goods and services less the value of capital goods that became worn-out during the year net national product (NNP)
the total income earned in a nation from the production of goods and services in a given time period national income (NI)
the annual income received by a country’s people from all sources personal income (PI)
personal income minus taxes disposable personal income (DPI)
the series of growing and shrinking periods of economic activity, measured by increases or decreases in real gross domestic product business cycle
an increase in a nation’s real gross domestic product economic growth
a prolonged economic contraction lasting two or more quarters (six months or more) recession
an extended period of high unemployment and reduced business activity depression
periods during which prices rise at the same that there is a slowdown in business activity stagflation
the sum of all the demand in the economy aggregate demand
the sum of all the supply in the economy aggregate supply
the point where aggregate demand equals aggregate supply macroeconomic equilibrium
measures of economic performance that usually change before real gross domestic product changes leading indicators
measures of economic performance that usually change at the same time as real gross domestic product changes coincident indicators
measures of economic performance that usually change after real gross domestic product changes lagging indicators
the real gross domestic product divided by total population real GDP per capita
the size of the labor force multiplied by the length of the workweek labor input
an increase in the ratio of capital to labor capital deepening
is the ratio of the amount of output produced to the amount Productivity
the ratio between an industry’s economic output and its labor and capital inputs multifactor productivity
Created by: kdjones216a1
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