Macro-Economics Word Scramble
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Question | Answer |
GDP or Gross Domestic Product | dollar amount of all final goods and services produced within a country's national borders in a year |
National Income Accounting | system of statistics and accounts that keeps track of the production, consumption, saving, and investment in order to track overall economic production |
Intermediate Products | products used to make other products already counted in GDP |
Secondhand Sales | sale of used goods |
Nonmarket Transactions | transactions that do not take place in the market ex: mowing your own lawn or repairing your own house |
Underground Economy | unreported illegal activities |
GNP or Gross National Product | the dollar value of all final goods, services, and structures produced in one year with labor and property supplied by a country's residents |
NNP or net national product | depreciation represents the capital equipment that has worn out or become obsolete over the year |
NI or national income | income that is left after all taxes except the corporate profits tax are subtracted from NNP |
PI or personal income | total amount of income going to consumers before individual income taxes are subtracted |
DI or disposable personal income | total income the consumer sector has at its disposal after personal income taxes |
household | all persons who occupy a house, apartment, or room that constitutes separate living quarters. |
unrelated individual | person who lives alone even though he or she may have family living elsewhere |
family | a group of two or more persons related by blood, marriage, or adoption who are living together in a household |
output-expenditure model | macroeconomic model used to show aggregate demand by the consumer, investment, government and foreign sectors |
net exports of goods and services | refers to the difference between the United States's exports and its imports |
inflation | a rise in the general price level |
price index | statistical series that can be used to measure changes in prices over time |
base year | a year that serves as the basis of comparison for all other years |
market basket | a representative selection of commonly purchased goods and services |
CPI or consumer price index | reports on price changes for about 80,000 items in 364 categories |
implicit GDP price deflator | an index of average levels of prices for all goods and services in the economy |
current GDP | when GDP is not adjusted to remove the effects of inflation |
real GDP or GDP in constant dollars | when the distortions of inflation have been removed |
census | an official count of all people, including their residence |
urban population | people living in incorporated villages or towns with 2,500 or more inhabitants |
rural population | people living in sparsely populated areas along the fringes of cities |
center of population | point where the country would balance if it could be laid flat and all the people weighed the same |
demographers | people who study growth, density, and other characteristics of populations |
fertility rate | number of births that 1,000 women are expected to undergo in their lifetime |
life expectancy | the average remaining life span of people who reach a given age |
net immigration | the net change in population caused by people moving into and out of the country |
baby boom | high birthrate years from 1946 to 1964, make up a size-able portion of the population |
population pyramid | type of bar graph that shows the breakdown of population by age and gender |
dependency ratio | ratio based on the number of children and elderly for every 100 persons in the working-age bracket of 18 through 64 |
real GDP per capita | the $ amount of real GDP produced on a per person basis |
growth triangle | a table that shows annual compound rates of growth between selected periods of time |
standard of living | quality of life based on the possession of necessities and luxuries that make life easier |
tax base | incomes and properties that may be taxed |
renewable resources | resources that can be replenished for future use |
capital-to-labor ratio | total capital stock divided by the number of workers in the labor force |
labor productivity | amount of output produced per unit of labor input |
Created by:
kvanolson
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