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Unit Four Ecom

TermDefinition
GDP Gross Domestic Product- the total market value of all final goods and services produced annually in an economy
CPI (Consumer Price Index) an index of the cost of all goods and services to a typical consumer
GDP formula GDP = private consumption + gross private investment + government investment + government spending + (exports - imports).
cost of living the cost of purchasing goods and services essential for survival
positive externality beneficial side effect that affects an uninvolved third party
Deflation A situation in which prices are declining
Stagflation a period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)
Disinflation a reduction in the rate of inflation
Hyperinflation A very rapid rise in the price level; an extremely high rate of inflation.
cost-push inflation When prices rise due to an increase in the cost of production.
demand-pull inflation increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand
financial institutions a company that focuses on dealing with financial transactions, such as investments, loans, and deposits.
frictional unemployment unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season
cyclical unemployment unemployment that rises during economic downturns and falls when the economy improves
structural unemployment unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
technological unemployment unemployment caused by technological developments or automation that make some workers' skills obsolete
Disguised unemployment workers who have a job but are redundant or non-productive
seasonal unemployment unemployment that occurs as a result of harvest schedules or vacations, or when industries slow or shut down for a season
Created by: Winter4u
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