Term
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Definition
| The structure of economic activity in a community, and region, a country, a group of countries, or the world |
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| Gross domestic product (GDP) |
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Definition
| The market value of all final goods and services produce in the nation during a particular period, usually a year |
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Definition
| The market value of all final goods and services produced produced in the world in a given period, usually a year |
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Definition
| A variable that measures something over an interval of time, such as your income per week. |
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Definition
| A variable that measure something at a particular point in time, such as the amount of money you have with you right now |
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Definition
| The incorrect theory that a nation's economic objectives should be to accumulate precious metals in the public treasury; this theory promopted trade barriers to cut imports, but other countries retaliated, reducing trade and the gains from specialization |
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Definition
| The rise and fall of economic activity relative to the long-term growth trend of the economy; also called business cycles. |
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Definition
| A period during which the economy's output increases |
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Definition
| A period during which the economy's output declines |
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Definition
| A sharp reduction in an economy's total output accompanied by high unemployment lasting more than a year |
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Definition
| A sustained decline in the economy's total output lasting at least two consecutive quarters, or six months; an economic contraction |
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Term
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Definition
| An increase in the economy's average price level |
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Term
| Leading economic indicators |
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Definition
| Variables the predict, or lead to, a recession or recovery; examples include consumer confidence, stock market prices, business investment, and big ticket purchases, such as automobiles and homes |
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Term
| Coincident economic indicators |
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Definition
| Variables that reflect peaks and troughs in economic activity as they occur; examples include employment, persoonal income, and industrial consumption |
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Term
| Lagging economic indicators |
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Definition
| Variables that follow; or trail, changes in overall economic activity; examples include the interest rate and the average duration of unemployment |
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Term
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Definition
| A composite measure of all final goods and services produced in an economy during a given period; real GDP |
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Term
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Definition
| The relationship between the economy's price level and the aggregate output demanded, with other things constant |
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Term
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Definition
| A composite measure reflecting the measure of all goods and services in the economy relative to prices in a base year |
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Term
| Real gross domestic product (real GDP) |
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Definition
| The economy's aggregate output measured in dollars of constant purchasing power |
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Term
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Definition
| A curve representing the relationship between the economy's price level and real GDP demanded demanded per period, with other things considered |
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Term
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Definition
| The curve repressing the relationship between the economy's price level and real GDP supplieder period, with other things constant |
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Term
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Definition
| A flow variable measuring the amount by which federal government outlays exceed federal government revenues in a perticular period, usually a year. |
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Term
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Definition
| Macroeconomics policy that focuses on shifting the aggregate demand curve as a way of promoting full employment and price stability |
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Term
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Definition
| A contraction, or stagnation, of a nation's output accompanied by inflation in the price level |
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Term
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Definition
| Marcoeconomic policy that focuses on a rightward shift of the aggregate supply curve through tax cuts or other changes to increase production incentives |
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Term
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Definition
| A stock variable that measures the net accumulation of annual federal deficits |
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Term
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Definition
| Real GDP divided by population; the best measure of an economy's standard of living |
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