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Macroeconomics Ch.5
Definitions for "Principles of Macroeconomics 3rd Canadian Edition"
| Question | Answer |
|---|---|
| Participation Rate | the labour force divided by the working-age population |
| Discouraged Workers | people who say they would like a job but have not made an effort to find are in the past four weeks |
| Labour Force | the total number of employed and unemployed people in the economy |
| Unemployment Rate | the number of unemployed people divided by the labour force |
| Gross National Income (GNI) | the market value of goods and services produced by factors of production owned by the residents of a country |
| GDP Deflator | a measure of the price level of goods and services included in GDP |
| Real GDP | a measure of GDP in which the quantities produced are valued at the prices in a base year rather than at different prices |
| Nominal GDP | a measure of GDP in which the quantities produced are valued at current year prices |
| Government Purchases | purchases by federal, provincial and municipal governments of final goods and services |
| Capital Consumption Allowances | accounting allowances for the using up of fixed and capital in the production process |
| Private-sector Investment | spending by firms on final goods and services, primarily capital goods and housing |
| Net Exports | exports minus imports |
| Capital Good | long-lived good which is itself produce and used to produce other goods |
| Consumption | spending by households on gods and services such as food, clothing and entertainment |
| Intermediate Goods or Services | used up in the production of final goods and services and not counted in GDP |
| Value Added | for any firm the market value of its product minus the cost of inputs purchased from other firms |
| Gross Domestic Product (GDP) | the market value of the final goods and services produced in a country during a given period |
| Final Goods or Services | consumed by the ultimate user, products of production process part of GDP |
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