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Gross Domestic Product
Vocabulary
24
Economics
12th Grade
05/01/2012

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Term
Marginal Propensity
Definition
MPC +
MPS = 1
Term
GDP
Definition
The dollar value of final goods and services produced within a country's borders within a given year.
Term
Intermediate Goods
Definition
Goods used in the production of final goods.
Term
National Income Accounting
Definition
A system that collects macroeconomics statistics on production, income, investment, and savings.
Term
Nominal GDP
Definition
Constantly changing
Term
Real GDP
Definition
Remains the same
Term
GNP
Definition
All things produced by American but doesn't have to be in country's borders.
Term
NNP
Definition
(Gross National Product) - depreciation
Term
DPI
Definition
Personal Income minus individual income
Term
business cycle
Definition
expansion followed by contraction
Term
Recession
Definition
2 or more quarters of falling real GDP
Term
Trough
Definition
Lowest point of cycle
Term
How to get out of recession
Definition
raise spending
lower taxes
Term
GDP per capita
Definition
Gross domestic product divided by population
Term
What form of GDP is best for measuring standard of living?
Definition
Real
Term
Fiscal Policy
Definition
The taxing and spending policy of national government, controlled by elected officials.
Term
Budget year is the same as
Definition
Fiscal year
Term
OESDI
Definition
Social Security
Term
Contraction Fiscal Policy
Definition
increase government spending, lower taxes
Term
Contraction Monetary Policy
Definition
Open Market Operations
Decrease Discount
Decrease reserve requirements
Term
Monetary Policy
Definition
The actions the federal reserve takes to influence the level of Real GDP and the rate of inflation,
Term
FAC- Federal Advisory Council
Definition
Collects information about each district
Term
FOMC- The Federal Open Market Committee
Definition
Makes key decisions about interest rates and the growth of United States money.
Term
RRR- Required Reserve Ratio
Definition
Amount of money to be kept on hand
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