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STC Eco Ch12
| Term | Definition |
|---|---|
| Gross domestic products (GDP): | The total market value of all final goods and services produced annually within the United States, whether by US or foreign supplied resources. |
| Intermediate goods: | Products that are purchased for resale or further processing or manufacturing |
| Final goods: | Products that have been purchased for final use and not for resale or further processing or manufacturing. |
| Personal consumption expenditures (C): | Expenditures by households for durable goods, nondurable goods and services. |
| Gross private domestic investment (Ig): | Expenditures for newly produced capital goods (such as plant and equipment) and for additions to inventories. |
| Government purchases (G): | Government expenditures on final goods, services, and social capital. |
| Net exports (Xn): | Exports minus imports. |
| Nominal GDP: | Gross domestic product measured in terms of the price level at the time of measurement (i.e. GDP that is unadjusted for inflation) |
| Real GDP: | Gross domestic product measured in terms of price level in a base period (i.e. GDP that is adjusted for inflation) |
| Economic growth: | The expansion of real GDP (or read GDP per capita) over time. |
| Real GDP per capita: | Real GDP divided by population. |
| Business cycles parts: | Peak, Recession, Trough, and Expansion |
| Business cycles: | Recurring increases and decreases in the level of economic activity over periods of time. |
| Recession: | A period of declining real GDP, accompanied by lower income and higher unemployment. |
| Expansion: | A generalized increase in output, income, and business activity. |
| Labor force: | Persons 16 years and older who are not in institutions and are either employed or unemployed and seeking work. |
| Unemployment rate: | The percentage of the labor force unemployed. |
| Types of unemployment: | Frictional unemployment, Structural unemployment and Cyclical unemployment. |
| Frictional unemployment: | Unemployment that is associated with people searching for jobs or waiting to take jobs in the near future. |
| Structural unemployment: | Unemployment that is associated with a mismatch between available jobs and the skills or location of those unemployed. |
| Cyclical unemployment: | Unemployment that is associated with the recessionary phase of a business cycle. |
| Inflation: | A rise in the general level of prices in an economy. |
| Consumer price index (CPI): | An index that compares the prices of a market basket of goods and services in one period with the price of the same) or highly similar) market basket in a base period. |
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