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Economics 13&14

QuestionAnswer
National Income Accounting Measurement of the national economys performance, dealing with the overall economys output and income.
What does GDP mean? Gross Domestic Product
Gross Domestic Product (GDP) total dollar value of all final goods and services produced in a nation in a single year.
Net Exports difference between what the nation sells to other countries and what it buys from other countries.
Depreciation loss of value because of wear and tear to durable goods and capital goods.
Net Domestic Product (NDP) value of the nations total output (GDP) minus the total value lost through depreciation on equipment.
National Income (NI) total income earned by everyone in the economy.
Personal Income (PI) total income that individuals receive before personal taxes are paid.
Transfer Payments welfare and other supplementary payments that a state or the federal government makes to individuals.
Disposable Personal Income (DI) income remaining for people to spend or save after all taxes have been paid.
Inflation prolonged rise in the general price level of goods and services.
Purchasing Power the real goods and services that money can buy; determines the value of money.
Deflation prolonged decline in the general price level of goods and services.
Consumer Price Index (CPI) measure of the change in price over time of a specific group of goods and services used by the average household.
Market Basket representative group of goods and services used to compile the consumer price index.
Base Year year used as a point of comparison for other years in a series of statistics.
Producer Price Index (PPL) measure of the change in price over time that US producers charge for thier goods and services.
GDP Price Deflator price index that removes the effect of inflation from GDP so that the overall economy in one year can be compared to another year.
Real GDP GDP that has been adjusted for inflation by applying the price deflator.
Business Fluctuations ups and downs in an economy.
Business Cycle irregular changes in the level of total output measured by real GDP.
Peak/Boom period of prosperity in a business cycle in which economic activity is at its highest point.
Contraction part of the business cycle during which economic activity is slowing down.
Recession part of the business cycle in which the nations output (real GDP) does not grow for at least 6 months.
Depression major slowdown of economic activity.
Trough lowest part of the business cycle in which the downward spiral of the economy levels off.
Expansion/Recovery part of the business cycle in which economic activity slowly increases.
Money anything customarily used as a medium of exchange, a unit of accounting, and a store of value.
Medium of Exchange use of money in exchange for goods or services.
Barter exchange of goods and services for other goods and services.
Unit of Accounting use of money as a yardstick for comparing the values of goods and services in relation to one another.
Store of Value use of money to store purchasing power for later use.
Checking Account account in which deposited money can be withdrawn at any time by writing a check.
Checkable Deposits money deposited in a bank that can be withdrawn at any time by presenting a check.
Thrift Institutions mutual savings banks, S&Ls, and credit unions that offer many of the same services as commercial banks.
Near Moneys assest, such as savings accounts, that can be turned into money relatively easily and without risk of loss of value.
M1 narrowest defination of the money supply; consists of money that can be spent immediately and against which checks can be written.
M2 Broader definition of the money supply; includes all of M1, plus such near moneys as money market mutual fund balances, certificates of deposit, and Eurodollars.
Created by: alexandriareed
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