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VOCAB Chapter 23

Measuring a Nation's Income

TermDefinition
Inflation The rate at which prices are rising.
Unemployment Percent of the labor force that is out of work.
Macroeconomics The study of economy-wide phenomena.
Microeconomics The study of how households and firms make decisions and how they interact in markets.
Total income Wages, rent, and profit.
Total expenditure Consumption, investment, government purchases, and net exports.
Gross domestic product Market value of all final goods and services produced within a country in a given period of time.
Intermediate production Goods that are produced by one firm to be further processed by another firm.
Final production Finished products sold to the end user.
Gross national product Market value of all final goods and services produced by a nation's residents in a given period of time.
Depreciation Value of worn-out equipment and structures.
Consumption Spending by households on goods and services, excluding new housing.
Investment Spending on capital equipment, inventories, and structures, including household purchases of new housing.
Government purchases Spending on goods and services by all levels of government.
Net exports Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).
Transfer payment Expenditures by government for which they receive no goods or services.
Real GDP The production of goods and services valued at base year prices.
Nominal GDP The production of goods and services valued at current year prices.
Base year The year from which prices are used to measure real GDP.
GDP deflator A measure of the price level calculated as the ratio of nominal GDP to real GDP then multiplied by 100.
Recession Period of decline in GDP.
Created by: jessjeanarnold
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