Econ Performance Word Scramble
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Question | Answer |
Nominal GDP | GDP based on the prices that prevailed when the output was produced. AKA: unadjusted GDP. |
Real GDP | GDP that has been deflated or inflated to reflect changes in the price level. |
Expenditure Approach | View of GDP as the sum of all the money spent in buying it. AKA: output approach. |
Intermediate Goods | Goods and services that are purchased for resale or for further processing or manufacturing. |
Final Goods | Goods and services that are purchased for final use by the consumer, not for resale or for further processing or manufacturing. |
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. |
Cyclical Unemployment | As the demand for goods and services decreases, employment falls and unemployment rises. AKA: deficient-demand unemployment |
Frictional Unemployment | Consists of search employment and wait unemployment. The labor market does not operate perfectly and instantaneously in matching workers and jobs. |
Structural Unemployment | Changes over time in consumer demand and in technology alter the "structure" of the total demand for labor, both occupationally and geographically |
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 |
Nominal Income | The number of dollars received by the individual or group for its resources during some period of time |
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. |
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. |
Nominal Interest Rate | The interest rate expressed in terms of annual amounts currently charged for interest and not adjusted for inflation. |
Inflation | A rise in the general level of prices in an economy |
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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