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Economic Performance
Measurements of Economic Performance
| Question | Answer |
|---|---|
| GDP (nominal vs real) | the total market value of all final goods and services produced annually within boundaries of the United States, whether by U.S. or foreign-supplied resources |
| Expenditure Approach | the method that adds all expenditures made for final goods and services to measure the gross domestic product |
| Intermediate Goods | products that are purchased for resale or further processing or manufacturing |
| Final Goods | goods and services that have been purchased for final use and not for resale or further processing or manufacturing |
| Price Index | an index number that shows how the weighted average price of a "market basket" of goods changes over time |
| Cyclical unemployment | a type of unemployment caused by insufficient total spending (or by insufficient aggregate demand) |
| frictional Unemployment | a type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs |
| Structural unemployment | unemployment of workers whose skills are not demanded by employers, who lack sufficient skill to obtain employment, or who cannot easily move to locations where jobs are available |
| CPI | consumer price index- an index that measures the price of a fixed "market based" of some 300 goods and services bought by a "typical" consumer |
| Nominal vs Real income | nominal income the number of dollars received by an individual or group for its resources during some period and not adjusted for inflation Real income- the amount of goods and services that can be purchased with nominal income during some period of time |
| Real vs. Nominal interest rate | real- the interest rate expressed in dollars of constant value (adjusted for inflation) and equal to the nominal interest rate less the expected rate of inflation Nominal-the interest rate expressed in terms of annual amounts currently charged for intere |
| Inflation | a rise in the general level of prices in the economy |
| Natural Rate of Unemployment | the full unemployment rate; the unemployment rate occurring when there is no cyclical unemployment and the economy is achieving its potential output; the unemployment rate at which actual inflation equals expected inflation. |
Created by:
Rmenendez12
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