Economics Terms 2
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| Gross Domestic Product (GDP) | show 🗑
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| show | GDP per person.
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| Economic Growth | show 🗑
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| show | The growth in the overall level of prices in an economy.
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| show | A short-term economic downturn
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| The Great Recession | show 🗑
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| show | A short-run fluctuation in economic activity.
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| show | A phase of the business cycle during which economic activity is increasing
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| show | A phase of the business cycle during which economic activity is decreasing
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| show | Services are outputs that provide benefits without producing a tangible product.
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| show | Goods that firms repackage or bundle with other goods for sale at a later stage.
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| Final Goods | show 🗑
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| show | The output produced by workers and resources owned by residents of the nation
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| show | The purchase of final goods and services by households, excluding new housing
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| Investment | show 🗑
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| Government Spending | show 🗑
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| show | Total exports of final goods and services minus total imports of final goods and services
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| show | GDP measured in current prices and not adjusted for inflation
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| show | Total exports of final goods and services minus total imports of final goods and services
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| show | GDP measured in current prices and not adjusted for inflation
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| Price Level | show 🗑
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| show | A measure of the price level that is used to calculate real GDP
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| Unemployment | show 🗑
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| Unemployment rate | show 🗑
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| show | Occurs when the introduction of new products and technologies leads to the end of other industries and jobs
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| show | Unemployment caused by changes in the industrial makeup (structure) of the economy
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| show | Unemployment caused by delays in matching available jobs and workers
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| show | Also known as federal jobless benefits, is a government program that reduces the hardship of joblessness by guaranteeing that unemployed workers receive a percentage of their former income while unemployed
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| Natural State of Unemployment | show 🗑
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| show | Also called potential output or potential GDP, is the output level produced in an economy when the unemployment rate is equal to the natural rate
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| show | Includes people who are already employed or actively seeking work and are part of the work-eligible population (civilian, institutionalized, and age 16+)
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| Discouraged workers | show 🗑
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| Underemployed workers | show 🗑
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| show | The percentage of the work-eligible population that is in the labor force
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| Non-institutional population | show 🗑
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| show | Occurs when overall prices fall.
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| show | An extremely high rate of inflation
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| Consumer price index (CPI) | show 🗑
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| show | A measure of the CPI in which the typical consumer’s “basket” of goods and services is updated monthly
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| Shoe-leather costs | show 🗑
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| show | Occurs when people interpret nominal changes in wages or prices as real changes
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| Nominal Wage | show 🗑
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| show | The nominal wage adjusted for changes in the price level
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| Menu costs | show 🗑
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| show | The product that the firm creates
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| show | Taxes on the gains realized by selling an asset for more than its purchasing price
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| Equation of Exchange | show 🗑
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| The Velocity of Money | show 🗑
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| Financial Market | show 🗑
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| show | Where saves supply funds for loans to borrowers
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| show | A price of loanable funds, quoted as a percentage of the original loan amount
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| Real Interest Rate | show 🗑
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| Nominal Interest Rate | show 🗑
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| show | The real interest rate equals the nominal interest rate minus the inflation rate
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| show | Refers to the fact that people prefer to receive good and services sooner rather than later
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| Consumption smoothing | show 🗑
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| Dissaving | show 🗑
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| show | Personal saving as a proportion of disposable (after-tax) income
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| show | A measure of what firms expect for future economic activity
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| show | Firms that help to channel funds from savers to borrowers
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| show | Private firms that accept deposits and extend loans
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| show | Occurs when savers deposit funds into banks, which then loan these funds to borrowers
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| show | Occurs when borrowers go directly to savers for funds
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| show | Tradable contract that entitles an owner to certain rights
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| show | A security that represents a debt to be paid
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| Maturity Date | show 🗑
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| show | Tradable contract that entitles an owner to certain rights
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| show | A security that represents a debt to be paid
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| Maturity Date | show 🗑
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| show | The bond’s value at maturity - the amount due at repayment
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| Default risk | show 🗑
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| Stocks | show 🗑
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| Secondary Markets | show 🗑
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| Treasury Securities | show 🗑
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| show | The creation of a new security by combining otherwise separate loan agreements
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| show | Measured as the percentage change in real per capita GDP.
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| show | States that if the annual growth rate of a variable is x%, the size of that variable doubles approximately every 70 / x years
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| show | Inputs used to produce goods and services
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| Human Capital | show 🗑
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| show | The knowledge that is available for use in production
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| show | Introduces new techniques or methods so that firms can produce more valuable output per unit of input
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| Institution | show 🗑
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| show | The rights of individuals to own property, to use it in production and to own the resulting output
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Created by:
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