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BUISINESSSSW chap 7
| Question | Answer |
|---|---|
| national income accounting | collect and organizes macroeconomics statistics on production income and savings |
| gross domestic product | dollar value of all final goods produced within a country's border |
| intermediate goods | products used in that production of final goods |
| durable goods | things that lsat for a long time |
| nominal gpd | measured in current prices |
| real gpd | constant prices |
| gross national product | annual income earned by a nations firms and citizens |
| depreciation | loss of the value of capital equipment |
| price level | average of a price in the economy |
| aggregate supply | total amount of goods in the economy available at all possible price levels. |
| aggregate demand | total amount of goods that will be purchases at all possible price levels |
| capital deepening | process of increasing the amount of capital per worker |
| capital formation | savings made avalible for investment |
| purchasing power | ability to purchase goods |
| price index | measurement that shows how the average price changes over time. |
| quantity theorem | too much money in the economy causes inflation |
| wage price spiral | process by which rising wages cause higher prices and higher prices cause higher wages. |
| poverty threshold | income level below which income is insufficient to support a family |
| poverty rate | percentage of poor people |
| income distribution | nations total income is distributed amont the population |
| lorenz curve | graph that shows the number for shares of total income |
| enterprise zone | area where companies can locate and are free of certain state on business operations. |
| block grants | lump sums of money |
| workfare | program required for work in exchange for temperary assistance from the gov |
| tax | a payment rquired to make to a local state or gov |
| revenue | income recieved by a gov |
| progressive tax | when the percentage of income paid in taxes incfease as income increases |
| proportional tax | when the percentage of income paid in taxes decreases as money increases |
| regression tax | when the percentage of income paid in taxes decreases as income increasess |
| tax base | income property or good that is subject to a tax |
| ineidence of a tax | final burdnen of tax |
| with holding | taking payments out your pay before receiving it |
| federal budget | written document estimating the gov's revenue and authorizating its spending for the coming eyar. |
| fiscal year | 12 month period used for budgeting |
| appropriation bill | law taht allows the gov to spend public funds |
| expansionary policy | fiscal policy that tries to increase output |
| contractionary policy | policy intended to decrease output |
| classical economics | thought that free markets regulate themselves |
| productivity capacity | max output that an economy can sustain over a period of time without increasing inflation |
| demand side economics | idea that demand drives the economy. |
| keynasian economics | idea that demand drives the economy |
| multiplier effect | idea that each dollar spent or no taxed by the gov creates a change more then a dollar |
| automatic stabilizers | tools of fiscal policy that increases or decreases automatically depending on changes in GDP and personal income |
| supply side economics | is the idea that supply of goods drives the economy. |
| deficit spending | when expendures exceeded revenue |
| budget surplus | o |
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