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Intro to Macroecon
| Question | Answer |
|---|---|
| a sharp reduction in an economy’s total output accompanied by high unemployment lasting more than a year | Depression |
| sustained decline in economy’s total output lasting at least two consecutive quarters, or six months; an economic contraction | Recession |
| variables that predict or lead to a recession or recovery Exs: consumer confidence, stock market prices, business investment, and big-ticket purchases such as cars and homes | Leading economic indicators |
| variables that reflect peaks and troughs in economic activity as they occur Exs: employment, personal income, and industrial production | Coincident economic indicators |
| variables that follow or trail changes in overall economic activity Exs: the interest rate and the average duration of unemployment | Lagging economic indicators |
| a composite measure of all final goods/services produced in an economy during a given period; real GDP | Aggregate output |
| the relationship btwn the economy’s price level and aggregate output demanded, w/ other things constant | Aggregate demand |
| a composite measure reflecting the prices of all goods/services in the economy relative to prices in a base year | Price level |
| the economy’s aggregate output measured in dollars of constant purchasing power | Real GDP |
| a curve showing relationship btwn the economy’s price level and real GDP demanded per period, w/ other things constant | Aggregate demand curve |
| a flow variable measuring the amount by which federal gov’t outlays exceed federal gov’t revenues in a particular period, usually a year | Federal budget deficit |
| macroeconomic policy that focuses on shifting the aggregate demand curve as a way of promoting full employment and price stability | Demand-side economics |
| a contraction, or stagnation of a nation’s output accompanied by inflation in the price level | Stagflation |
| macroeconomic policy that focuses on a rightward shift of the aggregate supply curve through tax cuts or other changes to increase production incentives | Supply side economics |
| a stock variable that measures the net accumulation of annual federal deficits | Federal debt |
| real GDP divided by the population; the best measure of an economy’s standard of living | Real GDP per capita |
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HoneyyBear