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Chapter 12 -13 Vocab

National income accounting a system economists use to collect and organize maroeconomic statistics on production, income, investment, and savings.
Gross domestic product the dollar value of all final goods and services produced within a country’s borders in a given year
Intermediate goods products used in the production of final goods
Durable goods those goods that last for a relatively long time, such as refrigerators, cars, and DVD players.
Nondurable goods those goods that last a short period of time, such as food, light bulbs, and sneakers
Nominal GDP GDP measured in current prices
Real GRP GDP expressed in constant, or unchanging prices
Gross national product the annual income earned by a nation’s firms and citizens
Depreciation the loss of the value of capital equipment that results from normal wear and tear
Price level the average of all prices in the economy
Aggregate supply the total amount of goods and services in the economy available at all possible price levels
Aggregate demand the total amount of goods and services in the economy that will be purchased at all possible price levels
Business cycle a period of macroeconomic expansion followed by one of macroeconomic contraction
Expansion a period of economic growth as measured by a rise in real GDP
Economic growth a steady, long-term increase in real GDP
Peak the height of an economic expansion, when real GDP stops rising
Contraction a period of economic decline marked by falling real GDP
Trough the lowest point of an economic contraction, when real GDP stops falling
Nondurable goods a prolonged economic contraction
Depression a recession that is especially long and severe
Stagflation a decline in real GDP combined with a rise in the price level
Leading indicatiors a set of key economic variables that economists use to predict future trends in a business cycle
Real GDP per capita real GDP divided by the total population of a country
Capital deepening the process of increasing the amount of capital per worker
Saving income not used for consumption
Savings rate the proportion of disposable income that is saved
Technological progress an increase in efficiency gained by producing more output without using more inputs
Frictional unemployment type of unemployment that occurs when people take time to find a job
Structural unemployment type of unemployment that occurs when workers' skills do not match those needed for the jobs available
Globalization the shift from local to global markets as countries seek foreign trade and investment
Seasonal unemployment type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedule
Cyclical unemployment unemployment that rises during economic downturns and falls when the economy improves
Unemployment rate the percentage of the nation's labor force that is unemployed
Full employment the level of employment reached when there is no cyclical unemployment
Underemployed working at a job for which one is over qualified or working part-time when full-time work is desired
Discouraged worker someone who wants a job but has given up looking
Inflation a general increase in prices across an economy
Purchasing power the ability to purchase goods and services
Price index a measurement that shows how the average price of a standard group of goods changes over time
Consumer Price Index a price index determined by measuring the price of a standard group of goods meant to represent the "market basket" of a typical urban consumer
Market basket a representative collection of goods and services
Inflation rate the percentage rate of change in price level over time
Core inflation rate the rate of inflation excluding the effects of food and energy prices
Hyperinflation inflation that is out of control
Quantity theory the theory that too much money in the economy causes inflation
Wage-price spiral process by which rising wages cause higher prices, and higher prices cause higher wages
Fixed income income that doesn't increase even when prices go up
Deflation a sustained drop in the price level
Poverty threshold the income level below which income is insufficient to support a family or household
Poverty rate the percentage of people who live in households with income below the official poverty threshold
Income distribution the way in which a nation's total income is distributed among its population
Food stamp program government program that helps low-income recipients to buy food
Lorenz Curve the curve that illustrates income distribution
Enterprise zone area where businesses can locate free of certain state, local, and federal taxes and restrictions
Block grant federal funds given to the states in lump sums
Workforce a program requiring work in exchange for temporary government assistance
Created by: VKimbrell718
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