Term
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Definition
| Is the primary measure of the health of the economy by adding up the dollar value of all the good/service produced for final sale. |
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Term
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Definition
| Bureau of Labor statistics which determines the differences in prices from year to year that average people buy and the quantities of them. |
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Term
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Definition
| National average price for an item on the first month of the year. |
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Term
| Price of the Market Basket in the base year |
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Definition
| the national average of the total cost in the market basket |
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Term
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Definition
| center's the price of the market around 100 If the prices doubles it becomes 200 |
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Term
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Definition
| The price index based on what average consumers buy. |
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Term
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Definition
| The percentage increase in the consumer price index. |
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Term
| Cost of Living Adjustment (COLA) |
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Definition
| A device that compensates people for the fact that changes in inflation change the spending power of their income. EX Extra on social security check. |
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Term
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Definition
| A price index based on an annually adjusted market basket |
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Term
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Definition
| The consumer price index that has had the impact of food and energy costs removed. |
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Term
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Definition
| The personal consumption expenditures deflator that has had the impact of food and energy cost removed. |
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Term
| Personal Consumption Expenditure Deflator |
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Definition
| A chain based price index that adjust for the substitution problem. |
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Term
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Definition
| A price index based on what firms buy. |
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Term
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Definition
| The price index used to adjust GDP for inflation including all goods rather than a market basket |
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Term
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Definition
| An inflation adjusted measure of GDP. No base year needed, year to year. |
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Term
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Definition
| All those non military personal and over 16 employed or unemployed and looking. |
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Term
| Discouraged Worker Effect |
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Definition
| Bad new induces people to top looking for work causing the rate to fall. |
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Term
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Definition
| Good news induces people to start looking for work causing rate to rise. |
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Term
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Definition
| State in which people lose their job due to a downturn in the economy. |
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Term
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Definition
| Unemployment but have kill an employer wants. |
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Term
| Recovery (Business Cycle) |
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Definition
| Part of the graph from trough to previous peak. |
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Term
| Expansion (Business Cycle) |
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Definition
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Term
| Recession (Business Cycle) |
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Definition
| A decline of two quarters. |
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