Term
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Definition
| fluctuations reflecting the rise and fall of economic activity relative to the long term growth trend of the economy |
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Definition
| a decline in the total production lasting at least two consecutive quarters or at least six months |
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Term
| leading economic indicators |
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Definition
| measures that usually predict or lead to recessions or expanions |
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Term
increase in the amount and quality of resources
better technology
improvements in the rules of the game that facilitates production and exchange |
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Definition
| three reasons that production tends to increase over the long run |
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Term
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Definition
| the value of capital stock that is used up or becomes obsolete in producing GDP during the year |
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Definition
| GDP based on prices at the time of the transaction |
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Definition
GDP adjusted for inflation
the economy's aggregate output measured in dollars of constant purchasing power |
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Term
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Definition
| measure of inflation based on the cost of a fixed market basket of goods and services purchased by a typical family |
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Term
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Definition
| structure of economic activity in a locality region a country a group of countries or the world |
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Term
| gross domestic product GDP |
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Definition
| measures the market value of all final goods and services produced in the united states during a given period usually a year |
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Definition
| household purchases or final goods and services |
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Definition
| the purchase of new plants new equipment new building new residences and net additions to inventory |
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