the part of economic theory dealing with the economy as a whole and decision making by large units such as gov't and unions.
GDP (Gross Domestic Product)
dollar value of all final goods, services, and structures produced within a country's national borders during a one year period.
CPI (Consumer Price index)
a price index that measures the cost of a fixed basket of consumer goods and services and compares the cost of this basket in one time period with its cost in come base period.
Persistent high inflation combined with high unemployment and stagnant demand in a country's economy.
unofficial statistic that is the sum of monthly inflation and the unemployment rate; same as a discomfort index.
the goods and services that a nation produces and then sells to other nations
It is the relationship between a nation's imports and exports. the difference between the monetary value of exports and imports of output in an economy over a certain period.
an increase in real output as measured by real GDP or per capita real GDP. steady growth in the productive capacity of the economy .
balance of payments outcome when spending on imports exceeds revenues received from exports.
unemployment caused by fluctuations in the overall rate of economic activity or phase of the business cycle.
unemployment causes by annual changed in the weather or other conditions that prevail at certain times of the year.
the type of unemployment resulting from people's present abilities, skills, training and location not matching up with available job openings that reflect the basic structure of the economy.
unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or incomplete information.
disposable personal income
personal income less individual income taxes; total income available to the consumer sector after income taxes.
changed in the expenditures or tax revenues of the federal gov't,under taken to promote full employment, price stability, and reasonable rates of economic growth.
changes in the supply of money and the availability of credit initiated by a nations's central bank to promote price stability, full employment,and reasonable rates of economic growth.
the total demand for final goods and services in the economy at a given time and price level.
Change in the overall rate of national economic activity with alternating periods of expansion and contraction. measure by GDP.
annual gov't spending in excess of taxes and other revenues.
money received, esp. on a regular basis, for work or through investments.
is the total amount owed by the national gov't to those from whom it has borrowed to finance the accumulated difference between annual budget deficits and annual budget surpluses; also called public debt.