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Macro-Economics

Vocabulary Chap 13

QuestionAnswer
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