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Macro Economic Terms

Armuchee Macro Economic Terms

QuestionAnswer
Open Market Operations The buying and selling of government securities to alter the supply of money.
Discount Rate Rate the federal reserve charges for loans to commercial banks.
Required Reserve Ratio Amount of reserves to deposits required of banks by the federal reserve.
Monetary Policy The actions the federal reserve takes to influence the level of real GDP and the rate of inflation in the economy.
Fiscal Policy The use of government spending and revenue collection to influence the economy.
Expansionary Policies Fiscal policies, like tax cuts, that encourage economic growth.
Contractionary Policies Fiscal policies, like tax hikes, that reduce economic growth.
Hyperinflation Very high inflation that is out of control.
Government Deficit The amount of money the government owes in one year.
National Debt The total amount of money that the government owes for all years combined.
Consumer Price Index A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer.
Unemployment Rate The percentage of the nation’s labor force that is unemployed.
Full Employment The level of employment reached when there is no cyclical unemployment.
Underemployment Working at a job for which one is overqualified, or working part-time when full-time work is desired.
Discouraged Worker A person who wants a job but has given up looking.
Inflation A general increase in prices.
Frictional Unemployment Unemployment that occurs when people take time to find a job.
Structural Unemployment Unemployment that occurs when workers’ skills do not match the jobs that are available.
Cyclical Unemployment Unemployment that rises during economic downturns and falls when the economy improves.
Gross Domestic Product The dollar value of all final goods and services produced within a country’s borders in a given year.
Intermediate Goods Goods used in the production of final goods.
Nominal GDP GDP measured in current prices.
Aggregate Supply The total amount of goods and services in the economy available at all possible price levels.
Aggregate Demand The amount of goods and services in the economy that will be purchased at all possible price levels.
Business Cycle A period of macro-economic expansion followed by a period of contraction.
Expansion A period of economic growth as measured by a rise in real GDP.
Peak The height of an economic expansion, when real gdp stops rising.
Contraction A period of economic decline market by a falling real GDP.
Trough The lowest point in an economic contraction, when real GDP stops falling.
Recession A prolonged economic contraction.
Depression A recession that is especially long and severe.
Stagflation A decline in real GDP combined with a rise in price levels.
Leading Indicators Key economic variables that economists use to predict a new phase of a business cycle.
Proportional Tax A tax for which the percentage of income paid in taxes remains the same for all income levels.
Progressive Tax A tax for which the percentage of income paid in taxes increases as income increases.
Regressive Tax A tax for which the percentage of income paid in taxes decrease and income increases.
Mandatory Spending Spending on certain programs that are mandated by existing law.
Discretionary Spending Spending category about which government planners can make choices.
Entitlement Social welfare program that people are eligible for if they meet certain requirements.
Real GDP GDP expressed in constant, unchanging, prices.
Created by: Armuchee
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