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Macroeconomics
n/a
32
Economics
12th Grade
05/03/2011

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Term
Macroeconomics
Definition
Is the study of the economics of a nation as a whole.
Term
Gross Domestic Product (GDP)
Definition
The total value of all final goods and services produced in an economy
Term
Consumer Price Index (CIP)
Definition
Measures the monthly changes in the costs of goods and services by monitoring the prices of goods and services that are typically purchased by consumers
Term
Inflation
Definition
A rise in prices
Term
Deflation
Definition
Fall in prices
Term
Stagflation
Definition
When prices and unemployment rise simultaneously
Term
National Debt
Definition
The amount of money owed by the federal government
Term
National Deficit
Definition
Refers to how much money over budget the government is in a given year
Term
Economic Growth
Definition
When the economy is expanding and doing well
Term
Net Exports
Definition
The amount of goods and resounces a nation is exporting and selling once one subtracts the amount of total imports from total exports
Term
Cyclical Unemployment
Definition
Caused by a lack of adequate demand for products
Term
Structural Unemployment
Definition
Caused by changes in the nature of production (technology)
Term
Frictional Unemployment
Definition
The period individuals experience between the time they lave one job and the time they take to find another one
Term
Seasonal Unemployment
Definition
Changes in the output of various industries throughout the year (construction)
Term
Consumer Spending
Definition
When households spend money
Term
Consumption
Definition
The total amount of consumer spending
Term
Business Spending
Definition
Happens when: more consumers spend money, causing the economy to grow, because when consumers spend money businesses increase their profit making it easier for them to spend on new employees, technology, and resources.
Term
Income
Definition
The amount of money taken in by households
Term
Disposable Income
Definition
When the governments charge lower taxes, consumers have more to spend the money the consumers have leftover after taxes
Term
Government Spending
Definition
also affects the economy in several ways
Term
Fiscal Policy
Definition
How the government chooses to tax citizens/businesses and spend the revenue it raises
Term
Fiscal Conservatives
Definition
people who favor lower taxs and less government spending
Term
Fiscal Liberals
Definition
favor a more active government and would rather have higher taxes so that the governemnt can afford to fund social programs
Term
Aggerate Supply
Definition
The supply of all products in the economy
Term
Aggerate Demand
Definition
The demand for all products comdined
Term
Business Cycle
Definition
a recurrent fluctuation in the total business activity of a country.
Term
Expansion
Definition
The steady ride up for the economy
Term
Peak
Definition
(Prosperity) in which production is high unemployment is low and wages increase
Term
Contraction
Definition
The period of time before the enconomy begins to come down
Term
Recession
Definition
Adecline in the nations GDP and negative economic growth for a period of time of more than 6 months
Term
Trough
Definition
Period with high unemployment low economic production and falling stock prices
Term
Depression
Definition
An extended period in which a nation's economy slows severly causing hardship for households businesses and the gpvernment
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