Term
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Definition
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Term
| what does GDP not count for |
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Definition
| leisure, volunteers,home owners doing their own work, unpaid labor (parents, product quality increase or decrease,underground, |
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Term
| what does GDP not take into account |
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Definition
| GDP does not take in account any kind of deterioration in the environments, or cost that do not go through a market |
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Term
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Definition
| GDP does not tell you weather your composition is different. GDP does not adjust for the distribution of income |
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Term
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Definition
| takes the GDP and divides it by the People |
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Term
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Definition
Price in current year divided by
Price in Base Year
multiplied by 100 |
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Term
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Definition
Nominal GDP divided by
Price index in decimals |
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Term
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Definition
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Term
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Definition
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Term
how do we gain economic growth
what do we really want to target |
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Definition
have an increase in real GDP
growth in per Capa GDP |
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Term
| main ways of increasing GDP? |
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Definition
increasing information
increasing productivity |
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Term
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Definition
| the ability of a resource to produce in an increase |
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Term
| what percentage of Americas growth is in productivity |
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Definition
| 2/3 of our growth is from increasing productivity |
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Term
| what should happen when you increase productivity |
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Definition
| increase of productivity is suppose to be increase of resource income |
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Term
| Growth occurs in cycles what are the business four |
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Definition
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Term
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Definition
| high and low points of a graph |
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Term
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Definition
| productivity when falling away from peak usually two consecutive (6months) of decrease in GDP |
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Term
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Definition
| when returning to peak its is called |
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Term
| what makes people spend money |
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Definition
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Term
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Definition
| too much spending, housing fall, drop in tech advancements, |
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Term
| population is divide in what 4 groups |
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Definition
divide the population in 3 groups
16< or in jail (institutionalized
not in labor force
Labor Force
Unemployment |
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Term
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Definition
| willing and able to work and are activly seeking employment |
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Term
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Definition
Frictional- students, or those who have not connected w/ a job
structurally unemployed, structure for demand for labor has changed (obsolete skill) |
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