GDP
What is Gross Domestic Product?
how much you can buy with your money
What is purchasing power?
The return value of our currency for another
What is the exchange rate?
Allowing a different country to focus on producing a certain good because it is more economical to import that good and focus on exporting a different good. (Choosing not to make our own TV's)
What is comparative advantage?
the limit on the amount of national debt that can be issued by the U.S. Treasury.
What is the debt ceiling?
GDP adjusted for inflation
What is Real GDP?
a general increase in prices and fall in the purchasing value of money.
What is inflation?
The study of the economy as a whole rather than individual business markets
What is macroeconomics?
One of the U.S.'s top exports
What is oil, pharmaceuticals, oil, or jet parts?
the use of government spending and taxation to influence the economy.
What is fiscal policy?
Products or services made and sold in the U.S. this year
What is GDP?
when overall prices rise due to increases in production costs such as wages and raw materials.
What is cost-push inflation?
What is discouraged workers?
What is Japan?
The policy of increasing money supply, lowering taxes, and increasing government spending
What is expansionary fiscal policy?
Divided by the population
What is GDP per Capita?
A typical monetary policy action used by the government to fight inflation resulting in slowing down spending.
What is increase interest rates?
An increase in the value of the dollar
What is appreciation?
When a country becomes unable to pay its debts
What is default?
The accumulation of national debts
What is the deficit?
Two or more periods of GDP decline
What is a recession?
the upward pressure on prices that follows a shortage in supply where too much money is chasing too few goods.
What is demand pull inflation?
Unemployment term for people "between jobs"
What is frictional unemployment
America's top import
What is electrical machinery (computers, technology)?
The policy of reducing government spending
What is contractionary fiscal policy?