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ECON Vocab CH 13

study material for economics CH 13 Vocab - Ponder

TermDefinition
price index statistics used to measure changes in prices over time
standard of living quality of life based on possession of necessities and luxuries
Gross Domestic Product dollar amount of all final goods and services produced within a country's borders in a year
household all the persons that occupy a house, apartment, or other living quarters
census official count of all people
renewable resources resources that can be replenished
disposable personal income total income the consumer sector of the economy has at its disposal after personal income taxes
life expectancy average remaining life span of people of a given age
producer price index measure of price changes received by domestic producers for their output
rural population people living in sparsely populated areas
personal income total amount of income going to consumers before individual income taxes are subtracted
Demographer person who studies growth, density, and other characteristics of population
Gross National Product dollar value of all final goods, services, and structures produced with labor and property supplied by U.S. residents
consumer price index price changes for about 90,000 items
tax base incomes and properties that may be taxed
underground economy unreported legal and illegal economic activities
urban population people living in incorporated towns with 2,500 or more individuals
base year a year that serves as the basis of comparison for all other years
capital-to-labor ratio numerical comparison of total capital stock and the number of workers
dependency ratio numerical comparison of the number of children and elderly for every 100 persons in the working-age bracket of 18 through 64
Created by: breckart2
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