Unit 4 Vocab-Measurement of Economic Performance
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| show | the total value of all final goods and services produced in the economy during a given period, usually a year.
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| show | goods and services, bought from one firm by another firm, that are inputs for production of final goods and services.
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| government transfers | show 🗑
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| GDP per capita | show 🗑
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| show | the value of all final goods and services produced in the economy during a given year, calculated using the prices current in the year in which the output is produced.
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| show | GDP corrected for changes in prices from year to year.
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| show | nonworking people who are capable of working but have given up looking for a job due to the state of the job market.
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| labor force | show 🗑
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| labor force participation rate | show 🗑
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| show | people who are actively looking for work but are not currently employed.
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| show | the percentage of the total number of people in the labor force who are unemployed, calculated as unemployment/(unemployed + employment).
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| show | unemployment resulting from the business cycle; equivalently, the difference between the actual rate of unemployment and the natural rate of unemployment.
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| show | unemployment due to time workers spend in job search.
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| show | unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate.
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| show | the annual percent change in a price index -typically the consumer price index. The inflation rate is positive when the aggregate price level is rising (inflation) and negative when the aggregate price level is falling (deflation).
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| consumer price index (CPI) | show 🗑
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| show | Goods and services that people make or do for themselves, such as caring for children or mowing the lawn.
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| Underground economy | show 🗑
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| show | The series of growing and shrinking periods of economic activity, measured by increases or decreases in real GDP.
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| Recession | show 🗑
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| show | Describes periods during which prices rise at the same time that there is a slowdown in business activity.
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| seasonal unemployment | show 🗑
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| show | when total income is less than required to satisfy minimum needs.
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| poverty threshold | show 🗑
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| show | The percentage of people living in households that have incomes below the poverty threshold.
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| income distribution | show 🗑
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| Lorenz Curve | show 🗑
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| show | Government economic and social programs that provide assistance to the needy.
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| show | A program that requires welfare recipients to do some kind of work.
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| show | Rapid, uncontrolled rate of inflation in excess of 50 percent per month.
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| demand pull inflation | show 🗑
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| show | Results when increases in the costs of production push up prices.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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