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unit2 vocab ap macro

ap macroeconomics

Nominal Gross Domestic Product (GDP) the GDP measured in terms of the price level at the time of measurement; unadjusted for inflation
Real GDP GDP adjusted for inflation; GDP in a year divided by the GDP price index for that year, the index expressed as a decimal
Expenditure Approach the method that adds all expenditures made for final goods and services to measure the GDP
Intermediate Goods Products that are purchased for resale or further processing or manufacturing
Final Goods 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 the "market basket" of goods changes over time
Cyclical unemployment a type of unemployment casued by insufficient total spending (or by insufficient aggregate demand); basically due to recession
Frictional Unemployment a type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs
Structural Unemployment unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available
Consumer Product Index (CPI) an index that measures the prices of fixes "market basket" of some 300 goods and services bought by a "typical" consumer
Nominal Income the number of dollars received by an 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 (adjusted for inflation) 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 process in an economy
Natural Rate of Unemployment the full-employment unemployment rate; the unemployment rate occuring 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: edgargfhs