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WHS PoBF 5.01C

LAP EC 1

TermDefinition
Balance of trade The difference between the value of a nation’s exports and its imports
Business sector A segment of the economy that does not include government, private citizens, or nonprofit institutions
Capital Assets of a business
Double counting Including the same production more than once in determining GDP
Durable goods Tangible items that should last a long time
Economy The system in which people make and spend their incomes
Federal Reserve The central banking organization of the United States that monitors and regulates the flow of credit and money
Goods Tangible objects that can be manufactured or produced for resale
Government purchases of goods and services A factor used in calculating GDP that includes all purchases made by the government and the wages of all government workers
Gross domestic product The final market value of the total output of all goods and services produced within a country’s geographic boundaries during a year’s time
Gross private domestic investment A factor used to calculate GDP that includes the value of all capital goods created in the economy during the year and inventories held by businesses from the current year’s production
Household sector A segment of the economy that does not include government or business; those making purchases for personal consumption
Inflation A rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
Intermediate products Items that are part of other finished products
Net exports of goods and services A factor used in the calculation of GDP that is determined by subtracting imports from exports
Nominal GDP Gross domestic product that has not been adjusted to account for inflation
Nondurable goods Tangible items that are consumed within a short time
Nonresidential investment The money businesses invest in buildings, equipment, vehicles, furniture, etc.
Personal consumption expenditures A factor used to calculate GDP that includes the final market value of all services and new and used goods purchased for consumption by individuals and nonprofit organizations
Price deflator An economic metric that converts current prices to a base dollar value to calculate real GDP
Prime interest rate The interest rate at which banks borrow from each other; banks offer this rate to their best credit customers
Products Goods and services
Purchasing power The financial ability to buy products and services; the value of a sum of money
Real GDP Gross domestic product that has been adjusted to account for inflation using a price deflator
Recession A six-month contraction in GDP
Residential investment The money landlords invest in the buildings and the equipment they own and rent to others
Service(s) Intangible activities that are performed by people in exchange for money; productive acts that satisfy economic wants
Standard of living The general conditions in which people live; quality of life
Trade deficit An unfavorable balance of trade in which a nation’s imports are greater than its exports
Trade surplus A favorable balance of trade in which a nation’s exports are greater than its imports
Transfer payments Monies paid by the government for which no goods or services are received in exchange, such as Social Security payments, welfare benefits, veterans’ benefits, disaster aid, and other similar payments
Uncounted production Goods and services that are not counted in GDP because money is not paid for them
Underground economy An economy that involves transactions in which money changes hands, but no receipts are kept
Created by: VNelsonWHS
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