Term
|
Definition
| Total amount of income taxes that are subtracted |
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Term
| Disposable personal income |
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Definition
| Total amount of income the consumer has after taxes are taken out |
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Term
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Definition
| A statistical series that can be used to measure changes in price over time |
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Term
|
Definition
| Collection of products that will be used in a price index |
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Term
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Definition
| Measures the cost of a typical urban American family |
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Term
|
Definition
| Measures changes in the prices of goods and services purchased by producers |
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Term
|
Definition
| Adjusts the GDP for inflation |
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Term
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Definition
| Alternation between economic downturns & upturns in the macroeconomy |
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Term
|
Definition
| Total value of all final goods and services produced in the economy in a given year, calculated with the prices current in the year in which the output is produced |
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Term
|
Definition
| Total value of all final goods and services produced in an economy during a given year using the prices of a SELECTED BASE YEAR |
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Term
|
Definition
| GDP divided by 52 ??? Of the population equal to the average GDP per person |
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Term
| What are the 4 parts of the business cycle? |
|
Definition
Expansion
Peak
Contraction
Trough |
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Term
| National Income Accounting |
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Definition
| Also known as the national income and products. Account keeps track of the flow of money |
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Term
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Definition
| Good and services sold to the consumer |
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Term
| Intermediate goods and services |
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Definition
| Goods and services that are inputs into the production of final goods and services |
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Term
| Intermediate goods and services |
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Definition
| Goods and services that are inputs into the production of final goods and services |
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Term
|
Definition
| Unreported illegal activities |
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Term
|
Definition
| The dollar value of all goods and services produced in a year with labor and property supplied by US residents |
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Term
|
Definition
| GNP minus capital consumption allowance |
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Term
|
Definition
| Net national products minus all taxes except indirect business taxes |
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Term
|
Definition
Consumer spending + investment spending + government + (X-
imports) |
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Term
|
Definition
1consumer goods
2capital goods
3 new constructions of structures
4changes in inventory |
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Term
| What is Excluded from GDP? |
|
Definition
1intermediate goods and services
2inputs
3used goods
4financial assets
5foreign produced goods and services |
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Term
| Causes of business cycles? |
|
Definition
1 changes in consumer wants & demands
2 shift in Econ
3 new tech |
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Term
|
Definition
Great Depeession
Late 2000's recession |
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Term
|
Definition
| Production for self consumption |
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