Term
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Definition
| the market value of al final goods and services produced within a country in a given period of time |
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Term
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Definition
| spending by households on goods and services, with the exception of puchases of new housing |
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Term
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Definition
| spending on capital equpment, invetories, and structures, including households purchases of new housing |
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Term
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Definition
| spending on goods and services by loca, state and federal governments |
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Term
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Definition
| spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) |
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Term
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Definition
| the production of goods and services valued at current prices |
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Term
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Definition
| a measure of the prce level calculated as the ration of nominal GDP to real GDP times 100 |
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Term
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Definition
| the production of goods and services valued at constant prices |
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Term
| Consumer Price Index (CPI) |
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Definition
| a measure of the overal cost of the goods and services bought by a typical consumer |
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Term
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Definition
| the percentage change in the price index from the preceding period |
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Term
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Definition
| a measure of the cost of a basket of goods and services bought by firms |
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Term
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Definition
| the automatic correction by law or contract of a dollar amount for the effects of inflation |
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Term
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Definition
| the interest rate as uusaly reported witout a correction for the effects of inflation |
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Term
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Definition
| the interest rate corrected for the effects of inflation |
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Term
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Definition
| the quantity of goods and services produced form each unit of labor inpur |
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Term
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Definition
| the stock of quipment and structures that are used to produce goods and services |
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Term
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Definition
| the knoledge and skills that workers acquire through eduation, training, and experience |
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Term
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Definition
| the inputs into the procution of goods and services that are provided by nature, such as land, rivers, and mineral deposits |
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Term
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Definition
| society's understanding of the best ways to produce goods and services |
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Term
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Definition
| the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases |
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Term
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Definition
| the property whereby coountries that start off poor tend to grow more rapidly than countries that start off rich |
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Term
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Definition
| the group of institutions in the economy that help to match one person's saving with another person's investment |
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Term
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Definition
| financial institutions through which savers can directly provide funds to borrowers |
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Term
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Definition
| a certificate of indebtedness |
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Term
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Definition
| a claim to partial ownership in a firm |
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Term
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Definition
| fiancial institutions through which savers can indirectly provide funds to borrowers |
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Term
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Definition
| an institution that sells shares to the public and uses the proceds to buy a portfolio of stocks and bonds |
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Term
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Definition
| the total income in the economy that remaisn after paying for consumption and government purchases |
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Term
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Definition
| the income that households have left after paying for taxes and consumption |
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Term
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Definition
| the tax revenue that the government has left after paying for its spending |
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Term
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Definition
| an excess of tax revenue over government spending |
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Term
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Definition
| a shortfall of tax revenue from government spending |
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Term
| Market for Loanable Funds |
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Definition
| the market in which those who want to save supply funds and those who want to borrow to invest demand funds |
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Term
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Definition
| a decrease in investment that results from government borrowing |
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