Econ - Topic 7 Vocabulary
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| national income accounting | a system economists use to collect and organize macroeconomic statistics on production, income, investment, and savings
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| gross domestic product (GDP) | the total value of all final goods and services produced in a country in a given year
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| intermediate goods | products used in the production of final goods
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| nominal GDP | GDP measured in current prices
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| real GDP | GDP expressed in constant, or unchanging, prices
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| gross national product (GNP) | the annual income earned by a nation’s companies and people
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| price level | the average of all prices in an economy
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| aggregate supply | the total amount of goods and services in the economy available at all possible price levels
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| aggregate demand | the amount of goods and services in the economy that will be purchased at all possible price levels
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| business cycle | a period of macroeconomic expansion, or growth, followed by a period of contraction, or decline
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| expansion | a period of economic growth as measured by a rise in real GDP
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| peak | the height of an economic expansion
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| contraction | an economic decline marked by falling real GDP
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| trough | the lowest point in an economic contraction
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| recession | a prolonged economic contraction
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| depression | a deep recession with features such as high unemployment and low economic output
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| real GDP per capita | real GDP divided by the total population of a country
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| capital deepening | the process of increasing the amount of capital per worker
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| saving | income not used for consumption
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| savings rate | the proportion of disposable income that is saved
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| technological progress | an increase in efficiency gained by producing more output without using more inputs
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| frictional unemployment | type of unemployment that occurs when people take time to find a job
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| seasonal unemployment | type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedules
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| structural unemployment | type of unemployment that occurs when workers’ skills do not match those needed for the jobs available
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| cyclical unemployment | unemployment that rises during economic downturns and falls when the economy improves
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| globalization | the increasingly tight interconnection of producers, consumers, and financial systems around the world
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| unemployment rate | the percentage of a nation’s labor force that is unemployed
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| full employment | the level of employment reached when there is no cyclical unemployment
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| underemployed | working at a job for which one is overqualified, or working part time when full-time work is desired
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| inflation | a general increase in prices across an economy
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| purchasing power | the ability to purchase goods and services
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| price index | a measurement that shows how the average price of a standard group of goods changes over time
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| Consumer Price Index (CPI) | a price index determined by measuring the price of a standard group of goods meant to represent the “market basket” of a typical urban consumer
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| market basket | a representative collection of goods and services
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| inflation rate | the percentage rate of change in price level over time
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| quantity theory | the theory that too much money in the economy causes inflation
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| wage-price spiral | the process by which rising wages cause higher prices, and higher prices cause higher wages
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| fixed income | income that does not increase even when prices go up
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| deflation | a sustained drop in the price level
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| poverty threshold | an income level below that which is needed to support families or households
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| poverty rate | the percentage of people who live in households with income below the official poverty line
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| income distribution | the way in which a nation’s total income is distributed among its population
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| enterprise zones | an area where businesses can locate free of certain local, state, and federal taxes and restrictions
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| cash transfers | direct payments of money by the government to people who are poor, disabled, or retired
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