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Econ Ch 10 NHS
Econ Chapter 10 Napoleon High School
| Question | Answer |
|---|---|
| national income accounting | the process used for tracking production, income, and consumption in a nation's economy |
| gross domestic product | the total value of all final goods and services produced within a country in a given year |
| output expenditure product | a method of computing the gross domestic product by adding the total value of consumer and government spending on goods and services, total private investment, and the total value of exports, and then subtracting the total value of imports |
| personal consumption expenditure | total spending by consumers or durable gods, non-durable goods, and services during a specified period of time |
| gross invenstment | the total value of private spending in the economy for capital assets- such as new equipment, machinery, and building-over a specfic period of time, plus total changes in business inventories |
| nominal GDP | the value of a nation's gross domestic product at the current prices of the period being measured |
| real GDP | the value of a nation's GDP after it has been adjusted for inflation |
| price index | a set of statistics that allows economists to compare prices over time |
| underground economy | illegal economic activities or unreported legal activities or unreported legal activities that are not accounted for in national economic measures |
| disposable income | money that remains after taxes (and other bills) have been paid |
| business cycle | a reoccurring pattern in economic activity that is characterized by alternating periods of expansion and contraction |
| expansion | a period of the business cycle during which economic activity is increasing toward a peak |
| peak | the point of the business cycle during which employment, production,and wages are at their highest-the highest point of nay phase of economic activity |
| contraction | a period in the business cycle during which business activity slows down and overall economic indicators decline |
| recession | a substantial and general decline in overall business activity over a significant period time |
| depression | a prolonged and severe recession |
| trough | the lowest point of a business cycle, in which demand, production, and employment, and employment reach their lowest levels |
| leading indicators | a set of economic factors that anticipate the expansions and contractions of the business cycle from one month up to two years before similar changes in overall economic activity occur |
| coincident indicators | a set of economic factors that move up or down with the overall economy, measuring current economic activity |
| lagging indicators | a set of economic factors that help economists predict the duration of economic upturns or downturns. |
| real GDP per capita | the dollar value--adjusted for inflation--of all final goods and services produced in an economy in a given year |
| labor productivity growth | a measure of how much each worker produces in a given period of time |
| capital-to-labor ratio | The amount of capital resources available per worker |
| capital deepening | the increasing of capital resources at a faster rate than the increasing of the labor force, causing a rise in the capital-to-labor ratio |
| gross national product | the total value of all final goods and services produced with factors of production owned by citizens of a given country. Unlike the gross domestic product, the GNP includes the income of the overseas divisions of U.S. companies |
Created by:
Candy.mcdevitt
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