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economics 4th(17/18)
Taylor Economics, 4th edition, chapters 17 and 18
| Question | Answer |
|---|---|
| the study of the WHOLE market economy, it deals w/ such issues as economic growth, recessions, unemplotment, and inflation | macroeconomics |
| the study ot INDIVIDUAL decision making at firms and househols and the way they interact in specific infustries and markets | micoreconomics |
| a MEASURE of the VALUE of all the goods and services newly produced in a country during some period of time, ADJUSTED for changed in prices over time. | real gross domestic product |
| an upward trend in real GDP reflecting EXPANSION in the econmoy over time, this contributes to the ECONOMIC well-being of the people. | economic growth |
| SWINGS in real GDP that lead to deviations of the economy from its LONG-TERM growth trend | economic fluctuations |
| A DECLINE IN REAL GDP THAT LASTES FOR 6 MONTHS | recession |
| the highest point in real gdp before a recession | peak |
| the lowest point of real gdp at the end of a recession | trough |
| the period between the trough of a recession and the next peak, consisting of a general RISE in output and employment | expansion |
| the early part of an economic expansion, immediately AFTER the TROUGH of the recession | recovery |
| the % of the labor force that is umemployed | unemployment rate |
| the % INCREASE in the overall PRICE level over a given period of time, usally one year | inflation rate |
| decline in inflation | disinflation |
| the amount recieved per dollar loaned per year, usually ecpressed as a % of the loan | interest rate |
| the interest rate uncorrected for inflation | nominal interest rate |
| aims to explain the long term upward RISE of real gdp over time | economic growth theory |
| tries to explain the short term FLUCTUATIONS of real gdp over time. | economic fluctuation theory |
| the economys long term growth trend for real GDP determind by the AVAILABLE supply of capital labor, and tech. | potential GDP |
| the TOTAL VALUE of all goods and services PRODUCED in the economy by the available supply of capital labor and tech. | aggregate supply |
| # OF HOURS PEOPLE WORK IN PRODUCING GOODS AND SERVICES | labor |
| the FACTORIES, imporivements to cultivated land, machinery and other toolds, equipment, and structures uSed to produce goods and services | capital |
| anything that raises the AMOUNT of OUTPUT that can be PRODUCED with a given amount of labor and capital | technology |
| relationship that describes OUTPUT as a FUNCTION of labor, capital, and technology. | production function |
| gov't POLICY concerning taxing, spending, and borrowing. much of this policy is aimed at capital, labor and technology in order to stimulate growth | fiscal policy |
| policy that concerns money supply and control of inflation | monetary policy |
| total DEMAND for goods/services by consumers, businesses, gov't, and foreigners | aggregate demand |
| A GOOD that undergoes further processing BEFORE it is sold to consumers | intermediate good |
| what are the 3 ways economists measure GDP? | spending approach, income approach, and production approach |
| purchases of final goods/services by INDIVIDUALS | consumption |
| purchases of final goods/services by business firms/newly purchased residenced by HOUSEHOLDS | investment |
| spending by federal, state, and local gov't on new goods/services. | gov't purchases |
| difference between EXPORTS/inports | net exports |
| total value of the goods/services that people ina country SELL to people in other countries | exports |
| the total value of the goods/services that people in one country BUY from people in other countries. | inports |
| the value of exports minus the value of imports, this is another name for net exports | trade blance |
| the sum of WAGES, salaries, and fringe benefits paid to WORKERS | labor income |
| the sum of profits, rental payments, and interst payments | capital income |
| the decrease in an assets value over time for captial | depreciation |
| the VALUE of the firm's production minus the value of the intermediate goods used in production | value added |
| a measure of the amount of resources a country has for investment either in its own country of aborad | total amount of saving |
| aggregate income minus consumption minus gov't purchases | national saving |
| gross domestic product WITHOUT any CORRECTION for inflastions and the same as gdp; the value of all goods and services newly produced in a country during some period of time, usually a year. | nominal GDP |
| a price index equal to the current price of a fixed market basket of consumer goods and services relative to a base year | consumer price index (cpi) |
| the average level of prices in the country | price level |
Created by:
daniellegagnon
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