ECO Topic 7 Vocab Lessons 1,2,4,6 Pearson Realize
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| Gross Domestic Product | The dollar value of all final goods and services produced within a country’s borders in a given year
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| Intermediate Goods | Products used in the production of final goods
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| Durable Goods | Those goods that last for a relatively long time, such as refrigerators, cars, and DVD players
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| Nondurable Good | Good – Those goods that last a short period of time, such as food, light bulbs, and sneakers
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| Nominal DGP | GDP measured in current prices
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| Gross National Product | The annual income earned by a nation’s firms and citizens
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| Depreciation | The loss of the value of capital equipment that results from normal wear and tear; A decrease in the value of currency
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| Aggregate Supply | The total amount of goods and services in the economy available at all possible price levels
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| Aggregate Demand | The amount of goods and services in the economy that will be purchased at all possible price levels
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| Real GDP | GDP expressed in constant, or unchanging, prices
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| Business Cycles | A period of macroeconomic expansion, or growth, followed by one of contraction, or decline
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| Expansion | A period of economic growth as measured by a rise in real GDP
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| Economic Growth | A steady, long-term increase in real GDP
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| Peak | The height of an economic expansion, when real GDP stops rising
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| Contraction | A period of economic decline marked by falling real GDP
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| Trough | The lowest point of an economic contraction, when real GDP stops falling
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| Recession | A prolonged economic contraction
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| Depression | A prolonged economic contraction
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| Stagflation | A decline in real GDP combined with a rise in the price level
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| Leading Indicators | A set of key economic variables that economists use to predict future trends in a business cycle
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| Frictional Unemployment | Type of unemployment that occurs when people take time to find a job
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| Structural Unemployment | Type of unemployment that occurs when workers’ skills do not match those needed for the jobs available
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| Globalization | The increasingly tight interconnection of producers, consumers, and financial systems around the world
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| Seasonal Unemployment | Type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedule
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| Cyclical Unemployment | Unemployment that rises during economic downturns and falls when the economy improves
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| Unemployment Rate | Unemployment that rises during economic downturns and falls when the economy improves
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| Full Employment | The level of employment reached when there is no cyclical unemployment
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| Underemployed | Working at a job for which one is overqualified or working part-time when full-time work is desired
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| Discouraged Worker | Someone who wants a job but has given up looking
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| Poverty Threshold | An income level below that which is needed to support families and households
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| Poverty Rate | The percentage of people who live in households with incomes below the official poverty line
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| Income Distribution | The way in which a nation’s total income is distributed among its population
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| Food Stamp Program | Government program that helps low income people buy food
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| Block Grants | Federal funds given to the states in lump sums
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| Workfare | A program requiring work in exchange for temporary government assistance
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| Welfare | Government aid to the poor
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| Cash Transfers | Direct payments of money by the government to poor, disabled, and retired people
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| Grant | A financial award given by a government agency to a private individual or group in order to carry out a specific task
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