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unit2 vocab ap macro
ap macroeconomics
| Question | Answer |
|---|---|
| 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 |
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