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Super Important
100
An acronym for Gross Domestic Product
What is GDP
100
X axis is labeled "years" and Y axis labeled "GDP"
What is the business cycles graph
100
as low as the economy can possibly go
What is a trough
100
as high as the economy can go
What is the peak
100
the equation to find the net exports
What is Xn = Xg - M
200
Prices of all major goods rise and the value of money decreases
What is inflation
200
A monetary measure that helps us figure outt he worth of our economy
What is GDP
200
mathematical equation for GDP
What is GDP = C+Ig+G+Xn
200
In economics, "M" stands for what?
What is IMPORTS
200
on the business cycles graph, the straight line is also called the what?
What is the frontier
300
5-9% rise in prices in a year
What is moderate inflation
300
prices of all major goods decrease
What is deflation
300
a measurement of 3 months
What is a quarter
300
two ways the government tries to control inflation
What is reduce the national debt & reduce the money supply
300
adding up all the spending for goods and services in a year.
What is the expenditures approach to GDP
400
Out of control inflation that destroys an economy
What is hyperinflation
400
2-3% rise in prices in a year
What is mild inflation
400
the tool that is used to measure the health of our economy by measuring changes in GDP
What is the Consumer Price Index (CPI)
400
what something is worth before taxes are taken out
What is GROSS
400
What something is worth after taxes are taken out
What is NET
500
Examples: Illegal Transactions, Private Transfer Payments, Public Transfer Payments
What are things not counted in GDP
500
Things that cause the economy to go up and down
What are factors of fluctuation
500
When the economy is headed up after being in a trough
What is an expansion
500
when the economy is going down after being at the peak
What is contraction/recession
500
All the pieces that go into making a final good
What are intermediate goods