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Economics chapter 13

vocabulary words

QuestionAnswer
What is the measurement of the national economy’s performance, dealing with the overall economy’s output and income called national income accounting
2. What are two of the five statistics used to measure the national economy GDP, Net Domestic Product, national income, personal income, and disposable income.
3. What is total value of all final goods and services produced in a nation in a single year called GDP
4. What are two of the four categories used to measure a nation’s GDP consumer sector, investment sector, government sector, exports
5. What is the prolonged rise in the general price level of goods and services called inflation
6. The real goods and services that money can buy and determines the value of money is called purchasing power
7. What is the prolonged decline in the general price level of goods and services deflation
8. What is the measure of the change in price over time of a specific group of goods and services used by the average household consumer price index
9. What is a representative group of goods and services used to compile the consumer price index called market basket
10. What is the year used as a point of comparison for other years in a series of statistics called base year
11. What is a measure of the change in price over time that United States producers charge for their goods and services called producer price index
12. What is the price index that removes the effect of inflation from GDP so that the overall economy in one year can be compared to another year called GDP price deflator
13. What is the GDP that has been adjusted for inflation by applying the price deflator called real GDP
14. The summation of all the individual parts in the economy is called aggregates
15. What is the total quantity of goods and services in the entire economy that all citizens will demand at any single time called aggregate demand
16. What is the real domestic output of producers based on the rise and fall of the price level called aggregate supply
17. What are the ups and downs in an economy business fluctuations
18. What are irregular changes in the level of total output measured by real GDP called? business cycle
19. List the four major parts of a business cycle expansion or recovery, peak or boom, contraction or recession, trough
20. Explain how capital investment by businesses help to improve the economy Creates more jobs.
21. Explain how innovations help to improve the economy. Helps to create more jobs.
22. List the two ways that the government affects business cycles Policies on taxing, and control over money supply.
23. What are economic indicators Statistics used to measure change in the economy.
24. Why are economic indicators used by economists So they can make better economic decisions.
25. List the three main types of economic indicators Leading, coincident, and lagging indicators
Created by: jason williams
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