Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
Econ Chapter 12
| Term | Definition |
|---|---|
| Aggregate Demand | the amount of goods and services in the economy that will be purchased at al possible price levels |
| Aggregate Supply | the total amount of goods and services in the economy available at all possible price levels |
| Business Cycle | a period of macroeconomics expansion followed by a period of contraction |
| Capital Deepening | process of increasing the amount of capital per worker |
| Contraction | a period of economic decline marked by falling real GDP |
| Depreciation | the loss of value of capital equiptment that results from normal wear and tear. |
| Depression | a recession that is especially long and severe |
| Durable Goods | goods that last for a relatively long time, such as refridgerators, cars, and DVD players |
| Economic Growth | steady, long-term increase in real GDP |
| Expansion | a period of economic growth as measured by a rise in real GDP |
| Gross Domestic Product | the dollar value of all final goods and services produced within a country's borders in a given year |
| Gross National Product | (GNP) the annual income earned by U.S.- owned firms and U.S. citizens |
| Intermediate Goods | goods used in the production of final goods |
| Leading Indicators | key economic variables that economists use to predict a new phase of a business cycle |
| National Income Accounting | a system that collects macroeconomics statistics on production, income, investment, and savings |
Created by:
halvy
Popular Economics sets