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Unit 2 Macro key ter

unit 2 key terms

Nominal GDP the GDP measured in terms of the price level at the time of the measurement (unadjusted in inflation)
Real GDP Real GDP: adusted for inflation; the gross domestic product in a year divided by the GDP price index for that yearthe index expressed as a decimal
Expenditures approach the method that adds all expenditures made foor final goods and services to measure the gross domestic product
Intermediate goods Products that are purchased for resale or further processing or manufacturing
Final Goods Final goods and services that have been purchased for final use and not for resale or further processing or manufacturing
Price Index An index number that shows how the weighted average price of a "market basket"of goods and changes over time
Cyclical Unemployment A type of unemployment caused by insufficent total spending (or by insufficient aggregate demand)
Frictional Unemployment A type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs ; unemployed workers between jobs
Structual Unemployment Unemployment of workers whose skills are not demanded by employers, who lack sufficient skills to obtain employment, or who cannot easily move to locations where jobs are avaiable
CPI An index that measures the prices of a fixed "market basket" of some 300 goods and services bought by a "typical" consumer
Nominal Income Nominal: the number of dollars recieved by an individual or group for its resources during some period of time
Real income Real: the amount of goods and services that can be purchased with nominal income during some period of time;to the nominal income adjusted for inflation
Real Interest Rate The interest rate expressed in dollars of constant value (adjusted for inflation) and equal to the nominal interest rate less 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 the economy
Natural Rate of Unemployment The full employment rate;the unemployment rate occuring when there is no cyclical unemployment and the economy is achieveing its potential output; the unemployment rate at which actual inflation equals expected inflation
Created by: Pancho112



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