Unit 2: Measurements of Eco. Performance
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Gross Domestic Product (or GDP) | The total value of all final goods and services produced in the economy during a given year
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| final goods and services | Goods and services sold to the final, or end, user.
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| Intermediate Good | Goods and services bought from one firm by another firm to be used as inputs into production of final goods and services
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| 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.
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| 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
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| GDP Per Capital | Is GDP divided by the size of the population; it is equivalent to the average GDP per person
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| Labor Force | is equal to the sum of the employed and unemployed
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| 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.
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| Frictional Unemployment | Unemployment due to the time workers spend in job search. (searching or waiting for jobs...recent college grads)
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| 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)
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| Natural Rate of Employment | The unemployment rate that rises from the effects of frictional + structural unemployment
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| Cyclical Unemployment | Is the deviation of the actual rate of unemployment from the natural rate. (cause of recession)
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| Inflation Rate | Is the percent change per year in a price index-typically the consumer price index
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| Unit of account costs | Arise from the way inflation makes money a less reliable unit of measurement
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| Nominal interest rate | Is the interest rate actually paid for a loan
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| Real interest rate | Is the nominal interest rate minus the rate of inflation
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| market basket | A hypothetical set of consumer purchases of goods and sevices.
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| 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.
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| Consumer Price Index (CPI) | Measures the cost of the market basket of a typical urban American family
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| GDP deflator | For a given year is 100xs the ratio of nominal GDP to real GDP in that year
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