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Unit 7 Vocab

Econ

TermDefinition
Gross domestic product the total value of all final goods and services produced in a country in a given year (income)
Durable Goods Those goods that last for a relatively long time, such as refrigerators, cars, and DVD players (cars)
Nondurable Goods Those goods that last a short period of time, such as food, light bulbs, and sneakers
Read GDP GDP expressed in constant, or unchanging, prices
Depreciation The loss of the value of capital equipment that results from normal wear and tear (vehicles)
Aggregate Supply The total amount of goods and services in the economy available at all possible price levels
Aggregate Demand The amount of goods and services in the economy that will be purchased at all possible price levels
Recession a prolonged period of economic contraction
Depression A deep recession with features such as high unemployment and low economic output
Stagflation A decline in real GDP(output) combined with a rise in the price level(inflation)
Real GDP Per Capita Real GDP divided by the total population of a country
Unemployment Rate The percentage of a nation's labor force that is unemployed
Underemployed Working at a job for which one is overqualified, or working part time when full-time work is desired
Inflation A general increase in prices across an economy
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 (retail sales)
Market Basket A representative collection of goods and services (food and beverages)
Demand-Pull Theory When there is an increase in aggregate demand, and the supply remains the same or decreases
Cost-Push Theory As costs to producers increase from things like rising wages, these higher costs are passed on to consumers
Wage Price Spiral The process by which rising wages cause higher prices, and higher prices cause higher wages (inflation)
Fixed Income Income that does not increase even when prices go up
Deflation A sustained drop in the price level
Created by: Mattias09
 

 



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