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VOCAB
MAS VOCAB
KINDA HARD
HARD
WHAT THE...?
100
These are the economic variables that experts use to help predict upcoming phases in the business cycle.
What are LEADING INDICATORS?
100
The annual income earned by U.S. owned businesses AND U.S. residents no matter where the production is taking place is called THIS.
What is GROSS NATIONAL PRODUCT?
100
This is an economic term for a deep recession marked with high levels of unemployment.
What is a DEPRESSION?
100
A trough following a contraction is the lowest point of THIS.
What is a BUSINESS CYCLE?
100
In a typical business cycle THIS period usually follows a trough.
What is EXPANSION?
200
This is the period in the business cycle of economic decline coinciding with falling real GDP.
What is CONTRACTION?
200
THIS minus the cost of depreciation from capital equipment is referred to as net national product.
What is GNP?
200
A car, whether used or new, would be an example of this type of good.
What is a DURABLE GOOD?
200
Paying for one of your employees to take continuing education courses is an example of THIS.
What is CAPITAL DEEPENING?
200
If economic prognosticators are saying a contraction is imminent, consumers will likely spend less and save money, which will do THIS to GDP.
What is REDUCE IT/LOWER IT.
300
The amount of goods and services in a given economy that will be purchased at all possible price levels.
What is AGGREGATE DEMAND?
300
When GDP is expressed in constant or unchanging pricess, it is known as this.
What is REAL GDP?
300
A paperback book would be an example of this type of good.
What is a NON-DURABLE GOOD?
300
Disposable personal income is the amount of money an individual has left over after paying all their bills and THESE for the year.
What are TAXES?
300
If there is a crisis and consumers decide to postpone big purchases, aggregate supply and aggregate demand will both do THIS.
What is DECREASE?
400
This is the normal wear and tear on capital equipment resulting in a loss of value.
What is DEPRECIATION?
400
This is the system that collects the data on production, income, investments and savings on a macroeconomic level to help us calculate GDP.
What is NATIONAL INCOME ACCOUNTING?
400
Investment rates, external shocks, business investment levels are main economic variables affecting THIS.
What is THE BUSINESS CYCLE?
400
If you take nominal GDP and eliminate price increases within a given economy, you will arrive at THIS.
What is REAL GDP?
400
A bonus check a worker might receive at the end of year will be counted in THIS.
What is GDP?
500
This is an increase in efficiency gained by an increase in output without an increase in inputs.
What is TECHNOLOGICAL PROGRESS?
500
Stagflation is an economic period marked with an increase in prices while THIS is decreasing.
What is GDP (Gross National Product)?
500
Factors influencing technological process include scientific research, innovation, the scale of the particular market, natural resource use, and THIS.
What is EDUCATION AND EXPERIENCE (I will also accept human capital)?
500
The most practical approach to calculating GDP is this.
What is THE EXPENDITURE APPROACH?
500
The U.S. Department maintains the NIPA (National Income and Product Accounts).
What is THE DEPARTMENT OF COMMERCE?