Goods stuff
how do you account for that?
That's Gross!
Keep it coming
Which way are we going?
100

the dollar value of all final goods and services produced within a country's borders in a given year

gross domestic product

100

a period of macroeconomic expansion followed by one of macroeconomic contraction

business cycle

100

a steady, long-term increase in real GDP

economic growth

100

a set of key economic variables that economist use to predict future trends in a business cycle

leading indicators

100

a prolonged economic contraction

recession

200

products used in the production of final goods

intermediate goods

200

the amount of goods and services in the economy that will be purchased at all possible price levels

aggregate demand

200

a period of economic growth as measured by a rise in real GDP

Expansion

200

 income not used for consumption

savings

200

a period of economic decline marked by falling real GDP

contraction

300

 those goods that last for a relatively long time, such as refrigerators, cars, and DVD players

durable goods

300

the average of all prices in the economy

price level

300

 the annual income earned by a nation's firms and citizens

Gross National Product

300

 the loss of the value of capital equipment that results from normal wear and tear

depreciation

300

the lowest point of an economic contraction, when real GDP stops falling

trough

400

 those goods that last a short period of time, such as food, light bulbs, and sneakers

non-durable goods

400

the total amount of goods and services in the economy available at all possible price levels

aggregate supply

400

GDP expressed in constant, or unchanging, prices

real GDP

400

the proportion of disposable income that is saved

savings rate

400

a recession that is especially long and severe

depression

500

the height of an economic expansion, when real GDP stops rising

peak

500

a system economists use to collect and organize macroeconomic statistics on production, income, investment, and savings

national income accounting

500

GDP measured in current prices

nominal GDP

500

you get this when Jimmy Carter loses his job

recovery

500

 a decline in real GDP combined with a rise in the price level

stagflation

600

The three digit tax code number when you depreciate the full value of equipment the year it is put into service

179

600

 the process of increasing the amount of capital per worker

capital deepening

600

real GDP divided by the total population of a country

Real GDP per capita

600

an increase in efficiency gained by producing more output without using more inputs

technological progress

600

Who said "You never want a serious crisis to go to waste" 

Rahm Emanuel