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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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