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Honors Economics 9-30-10

Terms in this set (42)

Intermediate products
First term excluded from GDP
Secondhand sales
Second term excluded from GDP
Non-market transactions
Third term excluded from GDP
Momentous inventions
First cause of the business cycle
Changes in productivity
Second cause of the business cycle
Monetary
Third cause of the business cycle
Changes in level of spending
Fourth cause of the business cycle
Flexible income receivers (COLAs)
Unanticipated inflation helps (1st):
Debtors
Unanticipated inflation helps (2nd):
Renters
Unanticipated inflation helps (3rd):
Borrowers
Unanticipated inflation helps (4th):
Fixed income receivers
Unanticipated inflation hurts (1st):
Landlords
Unanticipated inflation hurts (2nd):
Savers
Unanticipated inflation hurts (3rd):
Creditors
Unanticipated inflation hurts (4th):
Consumers
Unanticipated inflation hurts (5th):
Demand-pull
First type of inflation
Cost-push
Second type of inflation
Frictional - between jobs
First type of unemployment
Structural - changes in demand and technology have changed job demand
Second type of unemployment
Cyclical - result of recession in a business cycle
Third type of unemployment
Does not include part-time workers who would rather work full time
First problem with the unemployment rate
Does not include discouraged workers
Second problem with the unemployment rate
Spending up
First change in level of spending
Demand up
Second change in level of spending
Employment up
Third change in level of spending
Wages up
Fourth change in level of spending
Spending up
Fifth change in level of spending
Peak
First part of the business cycle
Recession
Second part of the business cycle
Trough
Third part of the business cycle
Recovery
Fourth part of the business cycle
Real GDP
GDP adjusted for inflation
Nominal GDP
GDP unadjusted for inflation
Consumer Price Index
First way to measure inflation
Producer Price Index
Second way to measure inflation
GDP Price Deflater
Third way to measure inflation
GDP = C + G + I + X
Calculating GDP formula
Consumer spending
C
Government spending
G
Investment spending
I
Net exports
X
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