GDP
The monetary value of all goods and services produced in a country in a year
What is Gross Domestic Product?
number of employed + number of unemployed
What is the labor force?
A general and progressive increase in the average price level of the economy
What is Inflation?
When inflation is being factored into calculations, the result is stated as being _____
What is a real?
What is full employment?
C+I+G+(X-M)
What is the formula for GDP?
((number of unemployed) / (labour force))* 100
What is Unemployment Rate?
A contraction of economic activity results in a decline in prices
What is Deflation?
What is the formula to calculate the GDP Deflator?
What is Nominal GDP / Real GDP x 100?
What is an inflationary gap?
The value of final goods and services evaluated at current-year prices.
What is Nominal GDP?
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
What is Frictional Unemployment?
Calculate the inflation rate if prices went from $5 to $6.25 in a year
What is 25%
What is 100?
A long-term, often lasting years, economic state characterized by high unemployment and low prices and low levels of trade and investment.
What is a Depression?
What does the (X- M) stand for in GDP calculation formula
What are Net Exports
Long-Lasting Unemployment as a result of shifts in the economy.
What is Structural Unemployment?
Shows changes in the average prices of goods and services purchased by consumers over a period of time
What is Consumer Price Index (CPI)?
What is the Real GDP if the deflator is 125 and Nominal GDP is $8,000?
What is $6,400?
Fluctuations in the growth of real GDP, consisting of alternating periods of expansions and contractions.
What is Business Cycle?
Spending by firms on new factories, office buildings, machinery, and additions to inventories, plus spending on households and firms on new houses.
What are Investments?
What does this formula tell us: Labor Force / Working Age Population (not institutionalized)
The decline in the rate of inflation
What is Disinflation?
What is $5,500?
A period of economic growth as measured by a rise in real GDP.
What is Expansion?