Term
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Definition
| The total amount that all consumers, business firms, government agencies, and foreigners spend on final goods and services |
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Term
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Definition
| The total supply of goods and services that firms in a national economy plan on selling during a specific time period |
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Definition
| A sustained increase in the general price level |
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Term
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Definition
| A period of time during which the total output of the economy declines |
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Term
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Definition
| Calculated by valuing all outputs at current prices |
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Term
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Definition
| Calculated by valuing outputs of different years at common prices. |
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Term
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Definition
| The government's fiscal policy is its plan for spending and taxation |
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Term
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Definition
| Refers to actions taken by the Federal Reserve to influence aggregate demand by changing interest rates |
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Term
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Definition
- Seasonal
- Frictional
- Structual
- Cyclical
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Term
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Definition
| The increase in the amount of the goods and services produced by an economy over time |
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Term
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Definition
| A situation in which everyone who is willing and able to work can find a job |
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Term
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Definition
| The percentage by which the money the borrower pays back exceeds the money that was borrowed, making no adjustment for any decline in purchasing power of this money that results from inflation |
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Term
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Definition
| The percentage increase in purchasing power that the borrower pays to the lender for the priviledge of borrowing |
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Term
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Definition
| An unemployed person who gives up looing for work and is therefore no longer counted as part of the labor force |
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Term
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Definition
| Measured by pricing the items on a list representative of a typical urban household budget |
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Term
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Definition
employment in some areas is weather/calendar dependent
*Lawnmower* |
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Term
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Definition
people have skills, but they need time/location to find work
*Computer Engineers?* |
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Term
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Definition
people lack skills for employment will need new skills
*Calculator* |
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Term
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Definition
skills sets are employable but economic conditions may result in temporary unemployment
*GM salespeople* |
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