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Honors Econ Unit 3

TermDefinition
Gross Domestic Product monetary value of all final goods, services, and structures produced within a country's borders during a one-year period.
Intermediate Products Products that are components of other final products already included in the GDP
Real GDP Gross Domestic Product after adjustments for inflation; same as GDP in constant dollars
Nominal GDP Gross domestic product measured in current prices, unadjusted for inflation
GNP The market value of goods and services produced by labor and property supplied by U.S. residents
Net-Exports of Goods and Services Net expenditures by the output-expenditure model's foreign sector; equal to total exports less total imports
Business Cycle Systematic changes in real GDP marked by alternating periods of expansion and contraction
Recession Decline in real GDP lasting at least two quarters or more
Peak Point in time where real GDP stops expanding and begins to decline
Trough Point in time when real GDP stops declining and begins to expand
Expansion Period of uninterrupted growth of real GDP, industrial production, real income, and employment lasting for several years or more; recovery from recession
Depression State of the economy with large numbers of unemployed, declining real incomes, overcapacity in manufacturing plants, and general economic hardship
Inflation Sustained rise in the general level of prices of goods and services
Deflation Sustained decrease in the general level of the prices of goods and services
Price Index Statistical series used to measure changes in the price level over time
Consumer Price Index used to measure price changes for a market basket of frequently used consumer items
Hyperinflation Abnormal inflation in excess of 500 percent per year; last stage of monetary collapse
Stagflation Combination of stagnant economic growth and inflation
Unemployed State of working for less than one hour per week for pay or profit in a non-family owned business, while being available and having made an effort to find a job during the past month
Labor Force The pool of human beings either in employment or in unemployment
Frictional Unemployment Unemployment caused by workers changing jobs or waiting to go to new ones
Structural Unemployment Unemployment caused by a fundamental change in the economy that reduces demand for some workers
Cyclical Unemployment Unemployment directly related to swings in the business cycle
Seasonal Unemployment Unemployment caused by annual changes in weather or other conditions that prevail at certain times of the year
Member Bank Bank belonging to the Federal Reserve System
Require Reserve Ratio The portion of reservable liabilities that commercial banks must hold onto, rather than lend out or invest
Excess Reserves Financial institution's cash, currency, and reserves in excess of required reserves; potential source of new loans
Monetary Policy Actions by the Federal Reserve System to expand or contract the money supply to affect the cost and availability of credit
Interest Rate The price of credit to a borrower
Open Market Operations Monetary policy in the form of U.S. Treasury bills, or notes, or bond sales and purchases by the Fed
Discount Rate Interest rate that the federal reserve system charges on loans to the nation's financial institutions
Prime Rate Best or lowest interest rate commercial banks charge their customers
Federal Reserve System Privately owned, publicly controlled, central bank of the United States
IORB Interest the Fed pays banks for money held at the Fed
Created by: luke134
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