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Unit 4 Key Terms Part 3 Flashcards

(48 cards)

1
Q

the market value of all final goods and services produced within a country during a given period of time

A

Gross Domestic Product

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2
Q

the price buyers are willing to pay for a good or service in a competitive market

A

Market Value

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3
Q

any new good that is ready for consumer use; final goods are included in the calculation of GDP

A

Final Good

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4
Q

a good used in the production of a final good; intermediate goods are not included in the calculation of GDP

A

Intermediate Goods

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5
Q

the value of all exports minus all imports

A

Net Export

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6
Q

a measure of a country’s economic output (GDP) valued in current dollars; nominal GDP does not reflect the effects of inflation

A

Nominal GDP

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7
Q

the value of a dollar in the year it is spent; a measure of the dollar’s value that reflects current purchasing power, without taking inflation into account

A

Current Dollars

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8
Q

a measure of a country’s economic output (GDP) valued in constant dollars; real GDP reflects the effects of inflation

A

Real GDP

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9
Q

the value of the dollar fixed at a specified base year; a measure of the dollar’s value adjusted for inflation to reflect purchasing power over time

A

Constant Dollars

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10
Q

a nation’s real GDP divided by its population; a measure of average economic output per person

A

Per Capita GDP

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11
Q

the percentage of people in a country who can read and write

A

Literacy Rate

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12
Q

the number of years, on average, that a person is expected to live; a key indicator of a nation’s health and well-being

A

Life Expectancy

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13
Q

the rate at which babies die during their first year of life; a key indicator of a nation’s health and well-being

A

Infant Mortality

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14
Q

the percentage of the labor force that is not employed but is actively seeking work

A

Unemployment Rate

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15
Q

a type of unemployment that results when workers are seeking their first job or have left one job and are seeking another

A

Frictional Unemployment

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16
Q

a type of unemployment that results when the demand for certain skills declines, often because of changes in technology or increased foreign competition; under such conditions, workers may need retraining to find new jobs

A

Structural Unemployment

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17
Q

a type of unemployment that results when businesses shut down or slow down for part of the year, often because of weather

A

Seasonal Unemployment

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18
Q

a type of unemployment that results from a period of decline in the business cycle; unemployment caused by a contraction

A

Cyclical Unemployment

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19
Q

the percentage of the labor force without work when the economy is at full employment; a condition in which the economy is strong and there is no cyclical unemployment

A

Natural Rate of Unemployment

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20
Q

unemployed workers who have ceased to look for work; discouraged workers are not considered part of the labor force and are not factored into the unemployment rate

A

Discouraged Workers

21
Q

people who settle for part-time employment because they are unable to find full-time work

A

Involuntary Part-Time Workers

22
Q

a sector of the economy based on illegal activities, such as drug dealing and unlawful gambling

A

Underground Economy

23
Q

the percentage increase in the average price level of goods and services from one month or year to the next

A

Inflation Rate

24
Q

a measure of the average change in price of a type of good over time

25
a measure of price changes in consumer goods and services over time; the CPI shows changes in the cost of living from year to year
Consumer Price Index
26
a measure of change in the overall cost of goods and services; another term for the consumer price index
Cost-of-Living Index
27
the cost in current dollars of all the basic goods and services needed by the average consumer
Nominal Cost of Living
28
the cost in constant dollars of all the basic goods and services needed by the average consumer; the nominal cost of living adjusted for inflation
Real Cost of Living
29
wage levels based on current dollars
Nominal Wages
30
wage levels based on constant dollars; nominal wages adjusted for inflation
Real Wages
31
a gradual, steady rise in the price of goods and services over time
Creeping Inflation
32
a fall in the price of goods and services; the opposite of inflation
Deflation
33
a downward trend in prices, wages, and business activity; a deflationary pattern in which falling prices cause a business slow-down, which in turn leads to lower wages, a further fall in prices, and even less business activity
Deflationary Spiral
34
a rise in the price of goods and services caused by an increase in overall demand
Demand-Pull Inflation
35
a recurring pattern of growth and decline in economic activity over time
Business Cycle
36
a period of economic growth
Expansion
37
the highest point of an expansion, or period of economic growth; a peak is followed by economic decline
Peak
38
a period of general economic decline marked by falling GDP and rising unemployment
Contraction
39
the lowest point of a contraction, or period of economic decline; a trough is followed by economic growth
Trough
40
measures that consistently rise or fall several months before an expansion or a contraction begins
Leading Economic Indicators
41
measures that consistently rise or fall several months after an expansion or contraction begins
Lagging Economic Indicators
42
a period of declining national economic activity, usually measured as a decrease in GDP for at least two consecutive quarters (six months)
Recession
43
merchandise that companies or stores have on hand
Inventory
44
a prolonged economic downturn characterized by plunging real GDP and extremely high unemployment
Depression
45
a sector of the economy that operates without government regulation or monitoring and is not officially recorded or taxed; the informal economy is not included in the calculation of GDP
Informal Economy
46
a rise in the price of goods and services caused by an increase in overall demand
*Demand-Pull Inflation*
47
an upward trend in wages and prices; an inflationary pattern in which rising prices lead to demands for higher wages, causing producers to raise prices further and workers to demand additional wage hikes
Wage-Price Spiral
48
a rise in the price of goods and services caused by increases in the cost of the factors of production
*Cost-Push Inflation*