Term
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Definition
| A record of a country’s trade in goods, services, and financial assets with the rest of the world. |
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Term
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Definition
| the balance on the merchandise account in a nation’s balance of payments. |
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Term
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Definition
| The sum of the merchandise, services, income, and unilateral transfers accounts in the balance of payments. |
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Term
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Definition
| In a balance of payments account, the amount by which debits exceed credits. |
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Term
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Definition
| A system of accounting in which every transaction is recorded in at least two accounts. |
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Term
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Definition
| The price of one country’s money in terms of another country’s money. |
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Term
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Definition
| The record in the balance of payments of the flow of financial assets into and out of a country. |
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Term
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Definition
| Currency and bank deposits that are denominated in foreign money. |
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Term
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Definition
| A global market in which people trade one currency for another. |
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Term
| Surplus (Balance of Payments) |
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Definition
| The amount by which credits exceed debits |
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Term
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Definition
| Fluctuations in the economy between growth (expressed in rising real GDP) and stagnation (expressed in falling real GDP). |
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Term
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Definition
| A variable that changes at the same time as real output changes. |
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Term
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Definition
| A severe, prolonged economic contraction. |
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Term
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Definition
| Workers who have stopped looking for work because they believe that no one will offer them a job. |
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Term
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Definition
| An extremely high rate of inflation. |
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Term
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Definition
| A sustained rise in the average level of prices. |
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Term
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Definition
| A variable that changes after real output changes. |
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Term
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Definition
| A variable that changes before real output changes. |
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Term
| Natural Rate of Unemployment |
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Definition
| The unemployment rate that would exist in the absence of cyclical unemployment. |
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Term
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Definition
| The observed interest rate in the market. |
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Term
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Definition
| The output produced at the natural rate of unemployment. |
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Term
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Definition
| The nominal interest rate minus the rate of inflation. |
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Term
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Definition
| A period in which real GDP falls. |
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Term
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Definition
| The employment of workers in jobs that do not utilize their productive potential. |
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Term
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Definition
| The percentage of the labor force that is not working. |
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