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Econ Performance

Macroeconomics

QuestionAnswer
Nominal GDP GDP based on the prices that prevailed when the output was produced. AKA: unadjusted GDP.
Real GDP GDP that has been deflated or inflated to reflect changes in the price level.
Expenditure Approach View of GDP as the sum of all the money spent in buying it. AKA: output approach.
Intermediate Goods Goods and services that are purchased for resale or for further processing or manufacturing.
Final Goods Goods and services that are purchased for final use by the consumer, not for resale or for further processing or manufacturing.
Price Index A measure of the price of a specified collection of goods and services, called a "market basket", in a given year as compared to the price of an identical (or highly similar) collection of goods and services in a reference year.
Cyclical Unemployment As the demand for goods and services decreases, employment falls and unemployment rises. AKA: deficient-demand unemployment
Frictional Unemployment Consists of search employment and wait unemployment. The labor market does not operate perfectly and instantaneously in matching workers and jobs.
Structural Unemployment Changes over time in consumer demand and in technology alter the "structure" of the total demand for labor, both occupationally and geographically
CPI Consumer Price Index. CPI reports the price of a "market basket" of some 300 consumer goods and services that presumably are purchased by a typical urban consumer
Nominal Income The number of dollars received by the individual or group for its resources during some period of time
Real Income The amount of goods and services that can be purchased with nominal income during some period of time; nominal income adjusted for inflation.
Real Interest Rate The interest rate expressed in dollars of constant value and equal to the nominal interest rate less the expected rate of inflation.
Nominal Interest Rate The interest rate expressed in terms of annual amounts currently charged for interest and not adjusted for inflation.
Inflation A rise in the general level of prices in an economy
Natural Rate of Unemployment The full-employment unemployment rate; the unemployment rate occurring when there is no cyclical unemployment and the economy is achieving its potential output; the unemployment rate at which actual inflation equals expected inflation.
Created by: lanngoctran
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