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