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Fratrik Honors Econ

Unit 4 Vocab-Measurement of Economic Performance

TermDefinition
gross domestic product (GDP) the total value of all final goods and services produced in the economy during a given period, usually a year.
intermediate goods and services goods and services, bought from one firm by another firm, that are inputs for production of final goods and services.
government transfers payments by the government to individuals for which no good or service is provided in return.
GDP per capita GDP divided by the size of the population; equivalent to the average GDP per person.
nominal GDP the value of all final goods and services produced in the economy during a given year, calculated using the prices current in the year in which the output is produced.
real GDP GDP corrected for changes in prices from year to year.
discouraged workers nonworking people who are capable of working but have given up looking for a job due to the state of the job market.
labor force the number of people who are either actively employed for pay or unemployed and actively looking for work; the sum of employment and unemployment.
labor force participation rate the percentage of the population age 16 or older that is in the labor force.
unemployed people who are actively looking for work but are not currently employed.
unemployment rate the percentage of the total number of people in the labor force who are unemployed, calculated as unemployment/(unemployed + employment).
cyclical unemployment unemployment resulting from the business cycle; equivalently, the difference between the actual rate of unemployment and the natural rate of unemployment.
frictional unemployment unemployment due to time workers spend in job search.
structural unemployment unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate.
inflation rate the annual percent change in a price index -typically the consumer price index. The inflation rate is positive when the aggregate price level is rising (inflation) and negative when the aggregate price level is falling (deflation).
consumer price index (CPI) a measure of the cost of a market basket intended to represent the consumption of a typical urban American family of four. It is the most commonly used measure of prices in the United States.
Nonmarket Activity Goods and services that people make or do for themselves, such as caring for children or mowing the lawn.
Underground economy Market activities that go unreported because they are illegal or because those involved want to avoid taxation.
Business Cycle The series of growing and shrinking periods of economic activity, measured by increases or decreases in real GDP.
Recession A prolonged economic contraction lasting two or more quarters (six months or more).
Stagflation Describes periods during which prices rise at the same time that there is a slowdown in business activity.
seasonal unemployment Unemployment linked to seasonal work.
poverty when total income is less than required to satisfy minimum needs.
poverty threshold the income level below which income is insufficient to support a family or household.
poverty rate The percentage of people living in households that have incomes below the poverty threshold.
income distribution The way income is divided among people.
Lorenz Curve A curve that shows the degree of income inequality in a nation.
welfare Government economic and social programs that provide assistance to the needy.
workfare A program that requires welfare recipients to do some kind of work.
hyperinflation Rapid, uncontrolled rate of inflation in excess of 50 percent per month.
demand pull inflation Results when total demand rises faster than the production of goods and services.
cost push inflation Results when increases in the costs of production push up prices.
Created by: fratrik
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