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| Classical Economic theory |
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| Natural rate of unempoloyment |
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| non-periodic change in gdp |
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| actual output less than potential output |
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| Demand greater than suppply |
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| GDP and rate of unemployment |
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| when prices rice even when the economy is stagnate |
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| Capital consumption allowances |
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| allowanvers made when calculating the NDP for the capital that is used over time |
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| taxes businesses have to pay such as sales taxes |
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| shows the relationship between levels of income and quantities cosumed during that time |
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| leading economic indicators |
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Definition
| preceed the direction of the economy |
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| measure of unemployment of those moving from job to job |
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| used as economic standard for comparison (gotten from london) |
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Definition
| originates from another source (such as in mortgages and loans) |
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| value of final goods and services in term, of price over a specific time period in which they are produced |
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| demand pull (theory of inflation) |
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| when the economy is at a peak then the demand for a product spikes up faster than the supply of resources |
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| cost push (theory of inflation) |
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Definition
| the cost of resources to make products increases so companies have to raise prices of their finished products |
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Term
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Definition
| Compares the natural rate of unemployment to the actual rate. Includes factors like reasons for unemployment and is useful for determining economic conditions. For every 1% difference in rates, there is a 2.5% gap |
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| supply creates its demand |
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| a body of economic theory that concludes unemployment is possible for a market economy and that significant government internetion is appropriate |
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| a schedule showing the relationship between levels of income and quantities consumed during a particular period of time |
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| if the economy is left to its own devices, iconme will move to the level that labor force will be fully employed |
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| the ruse in aggregate prices that occurs when demand increases more rapidly than supply |
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| difference for an economy between its exports and inmports, and when exports are greater than inmports |
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| value of final goods and services produced expressed in the prices of the period they are produced |
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| the way the government over spends in order to keep the country running |
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