Macroeconomics
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| Nominal GDP | GDP based on the prices that prevailed when the output was produced. AKA: unadjusted GDP.
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| Real GDP | GDP that has been deflated or inflated to reflect changes in the price level.
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| Expenditure Approach | View of GDP as the sum of all the money spent in buying it. AKA: output approach.
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| Intermediate Goods | Goods and services that are purchased for resale or for further processing or manufacturing.
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| Final Goods | Goods and services that are purchased for final use by the consumer, not for resale or for further processing or manufacturing.
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| Price Index | A measure of the price of a specified collection of goods and services, called a "market basket", in a given year as compared to the price of an identical (or highly similar) collection of goods and services in a reference year.
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| Cyclical Unemployment | As the demand for goods and services decreases, employment falls and unemployment rises. AKA: deficient-demand unemployment
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| Frictional Unemployment | Consists of search employment and wait unemployment. The labor market does not operate perfectly and instantaneously in matching workers and jobs.
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| Structural Unemployment | Changes over time in consumer demand and in technology alter the "structure" of the total demand for labor, both occupationally and geographically
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| CPI | Consumer Price Index. CPI reports the price of a "market basket" of some 300 consumer goods and services that presumably are purchased by a typical urban consumer
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| Nominal Income | The number of dollars received by the individual or group for its resources during some period of time
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| Real Income | The amount of goods and services that can be purchased with nominal income during some period of time; nominal income adjusted for inflation.
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| Real Interest Rate | The interest rate expressed in dollars of constant value and equal to the nominal interest rate less the expected rate of inflation.
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| Nominal Interest Rate | The interest rate expressed in terms of annual amounts currently charged for interest and not adjusted for inflation.
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| Inflation | A rise in the general level of prices in an economy
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| Natural Rate of Unemployment | The full-employment unemployment rate; the unemployment rate occurring when there is no cyclical unemployment and the economy is achieving its potential output; the unemployment rate at which actual inflation equals expected inflation.
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