GDP
Business Cycles
Economic Growth
So Random
Everything Else
100
Goods used in the production of final goods.
What are intermediate goods?
100
A decline in real GDP combined with a rise in the price level.
What is stagflation?
100
Income not used for consumption.
What is savings?
100
Goods that last for a relatively long time, such as refrigerators and cars.
What durable goods?
100
The loss of the value of capital equipment that results from normal wear and tear.
What is depreciation.
200
Goods that last a short period of time, such as light bulbs and food.
What non durable goods?
200
A period of economic decline marked by falling real GDP.
What is contraction?
200
The amount of money a person has left in his or her income after taxes.
What is disposable personal income?
200
GDP measured in current prices.
What is nominal GDP?
200
The average of all prices in the economy.
What is price level?
300
GDP expressed in constant or unchanging prices.
What is real GDP?
300
A prolonged economic contraction.
What is a recession?
300
Process of increasing the amount of capital per worker.
What is capital deepening?
300
The total amount of goods and services in the economy available at all possible price levels.
What is aggregate supply?
300
A period of macroeconomic expansion followed by a period of contraction.
What is a business cycle?
400
The amount of goods and services in the economy that will be purchased at all price levels.
What is aggregate demand?
400
The height of an economic expansion, when real GDP stops rising.
What is a peak?
400
Real GDP divided by the total population.
What is the real GDP per capita?
400
The lowest point in an economic contraction, when real GDP stops falling.
What is trough?
400
The lowest point in an economic contraction when real GDP stops falling.
What is a trough?
500
The dollar value of all final goods and services produced within a country's borders in a given year.
What is Gross Domestic Product?
500
A period of economic growth as measured by a rise in real GDP.
What is expansion?
500
A steady, long term increase in real GDP.
What is economic growth?
500
A recession that is especially long and severe.
What is a depression?
500
The period after the United States stock market crash of 1929.
What is Great Depression?
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