Unit 5: Marco Econ
Terms in this set (20)
an increase in the amount of capital per worker; one source of rising labor productivity
a measure of the average prices of goods and services in the economy
a period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)
A long-term economic state characterized by unemployment and low prices and low levels of trade and investment
Gross National Product
The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
the production of goods and services valued at constant prices
manufactured items that have a life span longer than three years
Alternating periods of economic expansion and economic recession
personal saving as a portion of disposable (after-tax) income
the production of goods and services valued at current prices
a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
the amount of goods and services in the economy that will be purchased at all possible price levels
A period of economic growth as measured by a rise in real GDP
An unexpected change in an economic variable which takes place outside the economy. An example might be an increase in the price of oil having an impact on firm's costs of production.
unemployment that rises during economic downturns and falls when the economy improves
unemployment caused by seasonal changes in the demand for certain kinds of labor
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
a general increase in prices and fall in the purchasing value of money.
the central bank of the United States
Consumer Price Index
an index of the cost of all goods and services to a typical consumer
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