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GDP and stuff Flashcards

(9 cards)

1
Q

Definition of GDP

A

It is the market value of all final goods and services produced in a nation during a period of time usually a year

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2
Q

Types of Unemployment

A

Structural, Cyclical, Frictional

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3
Q

Structural unemployment

A

Employees getting replaced because of skills

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4
Q

Frictional Unemployment

A

Time inbetween jobs, searching for work

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5
Q

Cyclical Unemployment

A

Unemployment due to a recession

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6
Q

Non-price factors of Demand

A
  • Resource price
  • Taxes and subsides
  • Prices of related goods
  • Technology
  • expectation of future
  • number of firms
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7
Q

Aggregate Expenditures

A

Total Spending

Ae= (I+Ca) + MPC(Yd)

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8
Q

Consumer Surplus

A

The difference between the maximum price a consumer is willing to pay for a product and the actual price that they pay

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9
Q

Producers surplus

A

the difference between the actual price a producer receives and the minimum acceptable price that consumers would have to pay the producer to make a particular unit of output available

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