GDP unit 2
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| GDP | Gross Domestic Production-total market value of all final goods and services produced annually within the U.S,
included: Consumer spending,investments,government spending,net exports
not included: Intermiadate goods,Financial transcation, used goods
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| Nominal GDP | the GDP measured in terms of the price level at the time of measurement,not adjusted to inflation
GDP figure that has not been adjusted for inflation
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| Real GDP | gross domestic product adjusted for inflation
can account for changes in the price level, and provide a more accurate figure.
best to measure the standard of livivng
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| Expenditure Approach | the method that adds all expenditures made for final goods and services to measure the GDP
GDP = C + I + G + N
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| Intermediate Goods | products that are purchased for resale of further processing or manufactoring
EX: buying steel to create a car
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| Final Goods | Goods and services that have been purchased for the final use nad not for resale or further processing or manufactoring
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| Price Index | An index number that shows how the weighted average price of a "market basket" of goods changes over time
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| Cyclical unemployment | caused by insufficient total spending or by insuffient aggregate demand
in growth and production that occur within the business cycle
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| Frictional Unemployment | caused by workers volunatarliy changing jobs and by temporary lay offs, between jobs
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| Structural Unemploymentworkers skill | workers skills are not demanded by employers
EX: Machine can do ones job
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| Consumer Price Index | An index that measures the pricesof a fixed "markets basket" of some 300 goods and services brought by a "typical" consumer
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| Nominal Income | the number of dollars recevied by an individual or group for its resorces during some period of time
Income unadjusted for the effects of inflation or deflation,
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| Real income | The income of an individual or group after adjusting it to inflation on purchasing power
refers to the amount of goods and services you can buy today compared to the price of the same goods you could have purchased in another time period
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| Nominal Interest Rate | The interest rate unadjusted for inflation
Not taking into account inflation gives a less realistic number
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| Real interest Rate | An interest rate that has been adjusted to remove the effects of inflation to reflect the real cost of funds to the borrower, and the real yield to the lender.
The real interest rate is the growth rate of purchasing power derived from an investment
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| Inflation | The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling
causes: printing to much money,demand pull inflation and cash push inflation
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| The natural unemployment rate | the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remains stable.
3-4% is stable
to be at full employment, it is at its natural rate of unemployment
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