1.
Baby Boom: the high birthrate years from 1946 to 1964
2.
base year: a year that servesw as the basis of comparison for all other years
3.
Census: An official count of all the people living in the United States including their place of residence
4.
center of population: the point where the country would balance if it could be laid flat and everyone weighed the same
5.
current GDP: gross domestic product measured in current prices unadjusted for inflation
6.
disposable personal income(DPI): the total income the consumer sector has at its disposal after personal income taxes
7.
GDP per capita: GDP divided by the population, to get the amount of output per person
8.
gross domestic product: the dollar amount of all final goods and services produced within a country's borders in a year.
9.
Gross National Product(GNP): total dollar value of all final goods, services, and structures produced in one year with labor and property owned by a contry's residents, regardless of where the production takes place: largest measure of a nations income
10.
infrastructure: the highways,levees, mass transit, communications systems, electricity, water, sewer, and other publicgoods needed to support a population
11.
intermediate products: products that are components of other final products included in GDP;tires or radios on a new car
12.
macroeconomics: the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth
13.
Net National Product(NNP): gross national product minus depreciation charges for wear and tear on capital equipment
14.
nonmarket transactions: economic activities that do generate expenditures in the market; mowing your own lawn
15.
personal income(PI): the total amount of income going to consumers before individual taxes are subtracted
16.
real GDP: gross domestic product after adjustments for inflation
17.
Rural Population: makes up the remiander of the total ; people who live in sparsely populated areas along the fringes of cities
18.
secondhand sales: the sales of used goods
19.
underground economy: economic activities that are not reported for legal or tax collection purposes; like gambling or smuggling
20.
Urban Population: people living in incor[porated cities, villages, or towns with 2,500 or more inhabitants