That's So Gross
This may be defined as the sum total of all final goods and services produced in an economy during a given period, such as a fiscal year.
What is "Gross Domestic Product" (GDP)?
In a basic "Circular Flow Model" representing the exchange between "Households" and "Firms," the "Market" within which "Households" (individual consumers) purchase goods and services (products) from Firms (businesses) in exchange for money payments is known as this.
What is the "Product Market"?
"The total value of all final goods and services produced in the economy in a given year, calculated using the prices of a designated base year" is the definition of this.
What is "Real GDP" (Real Gross Domestic Product)?
This is the federal agency (bureau) that collects and compiles data on the nation's unemployment.
What is the U.S. Census Bureau?
These persons are not included in the Unemployment figures because they are still in school during normal working hours.
Goods that were produced in a prior fiscal year but have not been sold are part of this, and any additions to it or subtractions from it are calculated in the current year's figures for GDP.
What are "Changes To Inventories"?
In a basic "Circular Flow Model" representing the exchanges between "Households" and "Firms," the "Market" from which "Firms" (businesses) purchase the materials and resources (i.e. raw materials and labor) needed to produce final goods and services from "Households" (individuals) is known as this.
What is the "Factor Market"?
"The total value of all final goods and services produced in a given year, calculated with the prices in the current year in which they are produced" is the definition for this.
What is "Nominal GDP" (Nominal Gross Domestic Product)?
This may be defined as those persons who are actively seeking a job, but are currently without a paying occupation.
Who are (What is) "Unemployed"?
These people are not counted among the Unemployed because they are physically and/or mentally incapable of working.
Who are "Disabled Persons"?
These types of goods are not included in the calculation of Gross Domestic Product (GDP) because they are defined as "goods which are used in the production of consumer (final) goods."
What are "Intermediate Goods"?
The banking, stock and bond markets, which channel private savings and foreign lending into "Investment Spending," government borrowing and foreign borrowing are all part of this "market."
What is the "Financial Market"?
The method of calculating changes in "Real GDP" by taking the average between the growth rate calculated using an earlier base year with the growth rate using a later base year is called this.
What is "Chain-Linking"?
This is defined as the sum total of Employed and Unemployed persons.
What is the "Labor Force"?
These people are not counted in Unemployment figures because they have given up the job search completely.
Who are "Discouraged Workers"?
These types of goods are not included in the calculation of Gross Domestic Product because they are produced in a foreign country and shipped to the U.S. for sale to consumers.
What are "Imports" ("Imported Goods")?
This may be defined as "the money that a household has to spend after taxes are paid and government transfers are concluded."
What is "Disposable Income"?
This may be defined as the calculated total value of all final goods and services produced in a given year using the prices of a designated base year and divided by the total population.
What is "Real GDP per Capita"?
This ration is calculated by Labor Force by the "Working Age Population."
What is the "Labor Force Participation Rate"?
These people are not included in Unemployment figures because they were looking for work at one time, but have recently stopped looking for work.
Who are "Marginally Attached Workers"?
These types of goods are not included in the calculation of Gross Domestic Product (GDP) simply because they were first produced and sold in a prior year, and then resold to consumers at a later time.
What are "Used Goods"?
This may be defined as "payments made by the government to households and/or individuals without expecting a good or service in return (examples include TANF, SNAP, WIC, SSI disability and Unemployment programs).
What are "Government Transfers"?
The Bureau of Economic Analysis, which keeps track of the "national income and product accounts" is part of this Executive Department.
What is the Department of Commerce?
This rate is calculated by dividing the number of Unemployed by the number in the Labor Force multiplied by 100.
What is the "Unemployment Rate"?
These people are not counted in Unemployment figures either because they hold one or more part-time positions, or they are employed at a job for which they are over-qualified.
Who are the "Under-employed"?