Chapter 12: Evaluating the Economy Vocab Flashcards
Complete count of population, including place of residence
Census
Monetary value of all final goods, services, and structures produced within a country’s national borders during a 1-year period
Gross Domestic Product (GDP)
annual dollar income used to determine poverty
Poverty Threshold
those people living in incorporated cities, towns, villages with 2,500+ inhabitants
Urban Population
produces that are components of other final products already inclined in the GDP, Ex: new tires, radios for use on new cars
Intermediate Products
government/private agency programs that provide general economic and social assistance to needy individuals
Welfare
those people not living in urban areas, including sparely populated areas along the fringes of cities
Rural Population
sales of used goods; category of activity not included in GDP computation
Secondhand Sales
government issued coupons that can be exchanged for food
Food Stamps
the highways, levees, mass transit, communications, power, water, sewage, and other public goods needed to support a population
Infrastructure
economic activity not taking place in market and therefore, not included in GDP: Ex: services of home makers and work done around the home
Non market Transactions
joint federal-state medical insurance program for low income people
Medicaid
historically high birthrate years in the U.S. from 1946-1964
Baby Boom
unreported legal and illegal activities that do not show up in GDP statistics
Underground Economy
number of births that 1,000 women are expected to undergo in their lifetime
Fertility Rate
