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Economics-Mankiw-P8

Definitions of the newest Mankiw (Special edition with financial crisis)Ch.23-24

QuestionAnswer
Microeconomics the study of how households and firms make decisions and how they interact in markets
Macroeconomics the study of economy-wide phenomena, including inflation, unemployment and economic growth
Gross domestic product (GDP) the market value of all final goods and services produced within a country in a given period of time
Consumption spending by households on goods and services, with the exception of purchases of new housing
Investment spending of capital equipment, inventories and structures, including household purchases of new housing
Government purchases spending on goods and services by local, state and national governments
Net exports spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
Nominal GDP the production of goods and services valued at current prices
Real GDP the production of goods and services valued at constant prices
GDP deflator a measure of price level calculated as the ratio of nominal GDP to real GDP times 100
Consumer price index (CPI) a measure of the overall cost of the goods and services bought by a typical costumer
Inflation rate the percentage change in the price index from the preceding period
Producer price index a measure of the cost of a basket of goods and services bought by firms
Indexation the automatic correction of a money amount for the effects of inflation by law or contract
Nominal interest rate the interest rate as usually reported without a correction for the effects of inflation
Real interest rate the interest rate corrected for the effects of inflation
Created by: Medardus
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