Macroeconomic Performance
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| Macroeconomics | part of economics that deals with the economy as a whole and uses aggregate measures of output, income, prices, and employment
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| Gross Domestic Product (GDP) | the dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period
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| Intermediate Products | products that are components of other final products included in GDP
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| Secondhand Sales | sales of used goods not included in GDP
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| Nonmarket Transactions | economic activity not taking place in the market → not included in GDP
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| Underground Economy | unreported legal and illegal activities that do not show up in GDP stats
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| Base Year | yr serving as point of comparison for other yrs in price index or other statistical measure
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| Real GDP | gross domestic product after adjustments for inflation
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| Current GDP | gross domestic product measured in current prices, unadjusted for inflation
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| GDP Per Capita | gross domestic product on per person basis; can be expressed in current or constant dollars
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| Gross National Product (GNP) | total dollar value of all final goods, services, and structures produce din one yr with labor and property supplied by country’s residents, regardless of where production takes place
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| Net National Product (NNP) | GNP less depreciation charges for wear and tear on capital equipment
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| National Income (NI) | net national product less indirect business taxes
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| Personal Income (PI) | total amount of income to consumer sector before individual income taxes are paid
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| Disposable Personal Income (DPI) | person income less individual income taxes
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| Household | basic unit of consumer sector consisting of all persons who occupy house, apartment, or separate living quarters
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| Unrelated Individual | person living alone even though may have relatives living elsewhere
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| Family | two or more ppl living together, related by blood, marriage, or adoption
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| Output-Expenditure Market | macroeconomic model describing aggregate demand by consumer, investment, gov, and foreign sectors
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| Net Exports of Goods and Services | net expenditures by foreign sector; equal to total exports less total imports
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| Census | complete count of population, including place of residence
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| Urban Population | ppl living in cities, towns, and villages with 2,500 or more inhabitants
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| Rural Population | ppl not living in urban areas
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| Center of Population | point where the country would balance if it were flat and everyone weighed the same
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| Infrastructure | highways, mass transit, communications, power, water, sewerage, and other public goods needed to support a population
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| Baby Boom | historically high birthrate yrs in U.S. from 1946 to 1964
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| Population Pyramid | diagram showing the breakdown of population by age and gender
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| Dependency Ratio | number of children and elderly ppl in population for every 100 ppl in the 18-64 working-age bracket
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| Demographer | person who studies growth, density, and other characteristics of a population
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| Fertility Rate | number of births that 1,000 women are expected to undergo in their lifetime
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| Life Expentancy | average remaining life span in yrs for ppl who attain a given age
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| Net Immigration | net population change after accounting for those who enter and leave a country
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