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GDP unit 2

GDP Gross Domestic Production-total market value of all final goods and services produced annually within the U.S, included: Consumer spending,investments,government spending,net exports not included: Intermiadate goods,Financial transcation, used goods
Nominal GDP the GDP measured in terms of the price level at the time of measurement,not adjusted to inflation GDP figure that has not been adjusted for inflation
Real GDP gross domestic product adjusted for inflation can account for changes in the price level, and provide a more accurate figure. best to measure the standard of livivng
Expenditure Approach the method that adds all expenditures made for final goods and services to measure the GDP GDP = C + I + G + N
Intermediate Goods products that are purchased for resale of further processing or manufactoring EX: buying steel to create a car
Final Goods Goods and services that have been purchased for the final use nad not for resale or further processing or manufactoring
Price Index An index number that shows how the weighted average price of a "market basket" of goods changes over time
Cyclical unemployment caused by insufficient total spending or by insuffient aggregate demand in growth and production that occur within the business cycle
Frictional Unemployment caused by workers volunatarliy changing jobs and by temporary lay offs, between jobs
Structural Unemploymentworkers skill workers skills are not demanded by employers EX: Machine can do ones job
Consumer Price Index An index that measures the pricesof a fixed "markets basket" of some 300 goods and services brought by a "typical" consumer
Nominal Income the number of dollars recevied by an individual or group for its resorces during some period of time Income unadjusted for the effects of inflation or deflation,
Real income The income of an individual or group after adjusting it to inflation on purchasing power refers to the amount of goods and services you can buy today compared to the price of the same goods you could have purchased in another time period
Nominal Interest Rate The interest rate unadjusted for inflation Not taking into account inflation gives a less realistic number
Real interest Rate An interest rate that has been adjusted to remove the effects of inflation to reflect the real cost of funds to the borrower, and the real yield to the lender. The real interest rate is the growth rate of purchasing power derived from an investment
Inflation The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling causes: printing to much money,demand pull inflation and cash push inflation
The natural unemployment rate the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remains stable. 3-4% is stable to be at full employment, it is at its natural rate of unemployment
Created by: cindy34
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