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free-enterpriseunit6
| Question | Answer |
|---|---|
| GDP gross domestic product | total dollar value of all final goods and services produced in a nation in one year |
| real GDP | GDP adjusted for inflation |
| exports | what a country sells to other countries |
| imports | what a coutnry buys from other countries |
| net exports | dollar value of a nation's total exports minus their imports |
| depreciation | loss of value because of wear and tear to durable goods and capital goods |
| product | sum or total |
| appreciation | increase in value |
| transfer payments | welfare and other payments |
| inflation | prlonged rise in the general price level of goods and services |
| disposable income | income remaining for people to spend or save after all taxes are paid |
| purchasing power | the real goods and services that money can buy; determines the value of money |
| deflation | prolonged decline in the general price of goods and services that money can buy |
| CPI consumer price index | measures the change in price over time of a specific number of goods and services used by the general public |
| market basket | representative group of goods and services used to compile the consumer price index |
| base year | year used as a point of comparison for other years in a series of statistics (especially to control for inflation) |
| aggregates | sums of all the individual parts of elements in the economy |
| aggregate demand | total demand from all citizens for all goods and services |
| aggregate demand curve | graph of aggregate demand |
| aggregate supply | total supply of all goods and services |
| aggregate supply curve | graph of aggregate supply |
| business fluctuations | ups and downs in the economy |
| business cycle | irregular changes in GDP |
| peak/boom | highest point of business cycle |
| contraction | part of the business cycle in which real GDP does not grow |
| depression | major slow down in economy; GDP does not grow for a long time; GDP shrinks and takes years to rise to output level at start of depression; very hard on citizens |
| recession | part of the business cycle in which real GDP does not grow for two quarters |
| bottom | the lowest point of the business cycle |
| expansion/recovery | part of the business cycle in which GDP grows |
| The Great Depression | the longest, most severe economic downturn in world history; lasted for most of the 1930s |
| innovations | inventions and new production techniques that make business more productive |
| government activity | tax and spending policy of state and federal government |
| external factors | factors outside the economy such as wars, weather, and supplies of raw material |
| psychological factors | styles, fads, bubbles, illogical beliefs that encourage or discourage consumers to purchase certain goods and services |
| economic indicators | statisticss that point to what will happen, has happened, or is happening in the economy. |
| lagging indicators | seem to lag behind changes in the economy |
| leading indicators | change in the direction the economy will move before economy changes |
| coincident indicators | reflect what the economy is doing at any one time |
Created by:
clarkmccrery
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