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Wills econ

Term Sheet 7.1-7.3

National Income Accounting the measurement of aggregate economic activity, particularly national income and its components
Gross Domestic Product the total market value of all final goods and services produced within a nations borders in a given time period
Intermediate Goods goods or services purchased for use as input in the production of final goods or services
Durable Goods goods not for immediate consumption and able to be kept for a period of time.
non-durable goods are products that are consumed or are only useable for a short period of time
nominal GDP the value of final output produced in a given period, measured in the prices of that period (current prices)
Real GDP the value of final output produced in a given period
Gross National Product the total value of goods produced and services provided by a country during one year, equal to the gross domestic product plus the net income from foreign investments.
Depreciation calculation of the measure of obsolescence and/or wear and tear of an asset when used to generate economic benefits. It is the systematic allocation of the depreciable amount of an asset over it's useful life.
Price Level *a measure of the overall level of prices at a particular point in time as measured by a price index such as CPI
Aggregate Supply the total supply of goods and services available to a particular market from producers.
Aggregate Demand the total demand for goods and services within a particular market.
Business Cycle a cycle or series of cycles of economic expansion and contraction
Expansion An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP
Peak A peak is the highest point between the end of an economic expansion and the start of a contraction in a business cycle.
Contraction More specifically, contraction occurs after the business cycle peaks, but before it becomes a trough.
Trough a low turning point or a local minimum of a business cycle.
Recession a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
Depression sustained, long-term downturn in economic activity in one or more economies.
Stagflation persistent high inflation combined with high unemployment and stagnant demand in a country's economy
Real GDP per Capita a measure of the total output of a country that takes into account GDP and divides it by the number of people in the country. difference between real gdp/nominal.
Created by: msd321



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