National Economy
Economic Fluctuations
Economic History
In The Aggregate
Wild Card
100

The structure of economic activity in a community, region, country, or world.

Economy

100

A period of time in which the economy is growing. 

Expansion

100

A flow variable measuring the amount by which federal government outlays exceed federal government revenues in a year

Federal budget deficit.

100

A composite measure of all final goods and services. 

Aggregate output.

100

The incorrect theory that a nations economic objective should be to accumulate precious metals in the public treasury. 

Mercantilism 

200

The market value of all goods and services produced by a nation in a year

Gross national product

200

A period of time in which an economy declines.

Contraction

200

Macroeconomic policy that focuses on shifting the aggregate demand curve as a way of promoting full employment and price stability

Demand-side economics

200

Relationship between the economy's price level and aggregate output demanded

Aggregate Demand

200

Variable that predict or lead to a recession or recovery.

Leading economic indicators

300

The market value of all goods and services produced in the world in a given year. 

Gross world Product

300

A severe and prolonged reduction in activity of the economy. Ex. event in the 30's

Depression

300

A stagnation of a nations output accompanied by inflation in the price level

Stagflation

300

A composite measure reflecting the prices of all goods and services in the economy 

Price level

300

Variables that follow, or trail changes in overall economic activity. 

Lagging economic indicators

400

The measure of something in a given period of time

Flow variable


400

A period of economic decline that lasts more than a few months.

Recession

400
Macroeconomic policy that focuses on a rightward shift of the aggregate supply curve through tax cuts or other changes to increase production incentives

supply-side economics

400

The economy's aggregate output measured in dollars of purchasing power. 

Real GDP


400

A curve representing the relationship between the economy's price level and real GDP supplied

Aggregate supply curve

500

The measure of something at a specific point in time. 

Stock Variable

500

An increase in the economy's average price level

Inflation

500

A stock variable that measures the net accumulation of annual federal deficits 

Federal debt

500

A curve representing the relationship between the economy's price level and real GDP demanded per year.

Aggregate demand curve

500

Real GDP divided by the population 

Real GDP per capita