Econ - Topic 7 Vocabulary
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| national income accounting | show 🗑
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| show | the total value of all final goods and services produced in a country in a given year
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| show | products used in the production of final goods
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| nominal GDP | show 🗑
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| show | GDP expressed in constant, or unchanging, prices
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| show | the annual income earned by a nation’s companies and people
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| price level | show 🗑
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| aggregate supply | show 🗑
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| show | the amount of goods and services in the economy that will be purchased at all possible price levels
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| show | a period of macroeconomic expansion, or growth, followed by a period of contraction, or decline
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| expansion | show 🗑
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| peak | show 🗑
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| show | an economic decline marked by falling real GDP
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| trough | show 🗑
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| show | a prolonged economic contraction
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| show | a deep recession with features such as high unemployment and low economic output
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| show | real GDP divided by the total population of a country
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| capital deepening | show 🗑
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| show | income not used for consumption
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| show | the proportion of disposable income that is saved
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| show | an increase in efficiency gained by producing more output without using more inputs
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| frictional unemployment | show 🗑
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| seasonal unemployment | show 🗑
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| show | type of unemployment that occurs when workers’ skills do not match those needed for the jobs available
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| show | unemployment that rises during economic downturns and falls when the economy improves
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| globalization | show 🗑
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| show | the percentage of a nation’s labor force that is unemployed
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| show | the level of employment reached when there is no cyclical unemployment
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| underemployed | show 🗑
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| inflation | show 🗑
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| purchasing power | show 🗑
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| show | 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) | show 🗑
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| market basket | show 🗑
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| show | the percentage rate of change in price level over time
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| show | the theory that too much money in the economy causes inflation
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| show | the process by which rising wages cause higher prices, and higher prices cause higher wages
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| fixed income | show 🗑
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| show | a sustained drop in the price level
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| show | an income level below that which is needed to support families or households
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| show | the percentage of people who live in households with income below the official poverty line
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| income distribution | show 🗑
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| show | an area where businesses can locate free of certain local, state, and federal taxes and restrictions
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| show | direct payments of money by the government to people who are poor, disabled, or retired
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Created by:
brittlloyd
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