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Macro-Economics
Vocabulary Chap 13
| Question | Answer |
|---|---|
| GDP or Gross Domestic Product | dollar amount of all final goods and services produced within a country's national borders in a year |
| National Income Accounting | system of statistics and accounts that keeps track of the production, consumption, saving, and investment in order to track overall economic production |
| Intermediate Products | products used to make other products already counted in GDP |
| Secondhand Sales | sale of used goods |
| Nonmarket Transactions | transactions that do not take place in the market ex: mowing your own lawn or repairing your own house |
| Underground Economy | unreported illegal activities |
| GNP or Gross National Product | the dollar value of all final goods, services, and structures produced in one year with labor and property supplied by a country's residents |
| NNP or net national product | depreciation represents the capital equipment that has worn out or become obsolete over the year |
| NI or national income | income that is left after all taxes except the corporate profits tax are subtracted from NNP |
| PI or personal income | total amount of income going to consumers before individual income taxes are subtracted |
| DI or disposable personal income | total income the consumer sector has at its disposal after personal income taxes |
| household | all persons who occupy a house, apartment, or room that constitutes separate living quarters. |
| unrelated individual | person who lives alone even though he or she may have family living elsewhere |
| family | a group of two or more persons related by blood, marriage, or adoption who are living together in a household |
| output-expenditure model | macroeconomic model used to show aggregate demand by the consumer, investment, government and foreign sectors |
| net exports of goods and services | refers to the difference between the United States's exports and its imports |
| inflation | a rise in the general price level |
| price index | statistical series that can be used to measure changes in prices over time |
| base year | a year that serves as the basis of comparison for all other years |
| market basket | a representative selection of commonly purchased goods and services |
| CPI or consumer price index | reports on price changes for about 80,000 items in 364 categories |
| implicit GDP price deflator | an index of average levels of prices for all goods and services in the economy |
| current GDP | when GDP is not adjusted to remove the effects of inflation |
| real GDP or GDP in constant dollars | when the distortions of inflation have been removed |
| census | an official count of all people, including their residence |
| urban population | people living in incorporated villages or towns with 2,500 or more inhabitants |
| rural population | people living in sparsely populated areas along the fringes of cities |
| center of population | point where the country would balance if it could be laid flat and all the people weighed the same |
| demographers | people who study growth, density, and other characteristics of populations |
| fertility rate | number of births that 1,000 women are expected to undergo in their lifetime |
| life expectancy | the average remaining life span of people who reach a given age |
| net immigration | the net change in population caused by people moving into and out of the country |
| baby boom | high birthrate years from 1946 to 1964, make up a size-able portion of the population |
| population pyramid | type of bar graph that shows the breakdown of population by age and gender |
| dependency ratio | ratio based on the number of children and elderly for every 100 persons in the working-age bracket of 18 through 64 |
| real GDP per capita | the $ amount of real GDP produced on a per person basis |
| growth triangle | a table that shows annual compound rates of growth between selected periods of time |
| standard of living | quality of life based on the possession of necessities and luxuries that make life easier |
| tax base | incomes and properties that may be taxed |
| renewable resources | resources that can be replenished for future use |
| capital-to-labor ratio | total capital stock divided by the number of workers in the labor force |
| labor productivity | amount of output produced per unit of labor input |
Created by:
kvanolson
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