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Study sets matching "economics vocabulary chapter 12"

14 terms
Economics Chapter 12 Vocabulary
gross domestic product (GDP)
intermediate goods
nominal GDP
real GDP
the dollar value of all final goods and services produced wit…
goods used in the production of final goods.
GDP measured in current prices.
GDP expressed in constant, or unchanging, prices.
gross domestic product (GDP)
the dollar value of all final goods and services produced wit…
intermediate goods
goods used in the production of final goods.
27 terms
Economics : Chapter 12 Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Goods
Durable Goods
a system that collects macroeconomic statistics on production…
The sum total of the value of all the goods and services prod…
goods used in the production of final goods
goods that last for a relatively long time, such as refrigera…
National Income Accounting
a system that collects macroeconomic statistics on production…
Gross Domestic Product
The sum total of the value of all the goods and services prod…
40 terms
Economics Chapter 12 Vocabulary
macroeconomics
Gross Domestic Product
intermediate products
second hand sales
branch of economics that deals with the economy as a whole, u…
dollar value of all final good, services, and structures prod…
goods used to make other products already counted in GDP
sale of used goods
macroeconomics
branch of economics that deals with the economy as a whole, u…
Gross Domestic Product
dollar value of all final good, services, and structures prod…
32 terms
Economics chapter 12
Oligopoly and strategic behaviour
Oligopoly
Game theory
Concentration ratios
...
A market with just a few firms were each firm has an incentiv…
The study of decision-making in strategic situations... - Price…
The percentage of the market output produced by the largest f…
Oligopoly and strategic behaviour
...
Oligopoly
A market with just a few firms were each firm has an incentiv…
38 terms
Economics/Chapter 12 Terms
ability-to-pay principle
assessed value
audit
benefits-received principle
the idea that citizens should be taxed accoridng to their inc…
the value of a piece of property for tax purposes, as determi…
an official review of an income tax return to assess the retu…
the idea that citizens who benefit from a particular governme…
ability-to-pay principle
the idea that citizens should be taxed accoridng to their inc…
assessed value
the value of a piece of property for tax purposes, as determi…
7 terms
Economics: Chapter 12
saving
return
compound interest
annual percentage yield (APY)
the act of choosing not to spend current income
income earned from funds that are not spent
computed on the amount saved plus the interest previously ear…
formula banks must use to calculate interest they pay on depo…
saving
the act of choosing not to spend current income
return
income earned from funds that are not spent
27 terms
Economics Chapter 12 Vocabulary
national income accounting
Gross Domestic Product (GDP)
intermediate goods
durable goods
A system economists use to collect and organize macroeconomic…
The dollar value of the final goods and services produced wit…
Products used in the production of final goods.
Those goods that last for a relatively long time, such as ref…
national income accounting
A system economists use to collect and organize macroeconomic…
Gross Domestic Product (GDP)
The dollar value of the final goods and services produced wit…
20 terms
Economics Chapter 12 Review
Gross Domestic Product (GDP)
National Income Accounting
Real GDP
Nominal GDP
the dollar value of all FINAL goods and services produced WIT…
a system that collects macroeconomic statistics on production…
the production of goods and services valued at CONSTANT prices
the production of goods and services valued at CURRENT prices
Gross Domestic Product (GDP)
the dollar value of all FINAL goods and services produced WIT…
National Income Accounting
a system that collects macroeconomic statistics on production…
28 terms
Economics - Chapter 12
Finance
financial intermediaries
certificate of deposit
financial assets
the management of money
institution that helps channel funds from savers to borrowers
receipt showing that a person made an interest bearing loan t…
claims on the property and the income of the borrower; proper…
Finance
the management of money
financial intermediaries
institution that helps channel funds from savers to borrowers
15 terms
Managerial Economics - Chapter 12
Monopoly
Price Makers
Monopoly Underproduction
Deadweight Loss From a Monopoly Problem
A market structure characterized by a single seller of a high…
Buyers and sellers whose large transactions affect market pri…
Tendency for monopoly firms to restrict output to increase pr…
Decline in social welfare due to the drop in mutually benefic…
Monopoly
A market structure characterized by a single seller of a high…
Price Makers
Buyers and sellers whose large transactions affect market pri…
27 terms
IB Economics- chapter 12
Negative externalities of production/e…
Governments solutions to negative exte…
Positive externalities of production/e…
Governments actions to enhance positiv…
These occur when the production of a good or service creates…
Government could tax the firm to increase the firm's private…
These occur when the production of a good or service creates…
Government could subsidize the firms that contribute to a ben…
Negative externalities of production/e…
These occur when the production of a good or service creates…
Governments solutions to negative exte…
Government could tax the firm to increase the firm's private…
10 terms
Economics Chapter 12 Vocabulary
gross domestic product
price level
capital deepening
aggregate supply
the dollar value of all final goods and services produced wit…
the average of all prices in the economy
process of increasing the amount of resources (computers, lap…
the total amount of goods and services in the economy availab…
gross domestic product
the dollar value of all final goods and services produced wit…
price level
the average of all prices in the economy
16 terms
Chapter 12 Economics Vocabulary
Gross Domestic Product
Intermediate Goods
Durable Goods
Nominal GDP
the dollar value of all final goods and services produced wit…
products used in the production of final goods
those goods that last for a relatively long time, such as ref…
GDP measured in current prices
Gross Domestic Product
the dollar value of all final goods and services produced wit…
Intermediate Goods
products used in the production of final goods
18 terms
Economics chapter 12 vocabulary
Intermediate goods
durable goods
normal GDP
real GDP
products used in the production of final goods
those goods that last for a relatively long time
GDP measured in current prices
GDP expressed in constant, or unchanging prices
Intermediate goods
products used in the production of final goods
durable goods
those goods that last for a relatively long time
27 terms
Chapter 12: Economic Indicators and Measurements
national income accounting
gross domestic product (GDP)
nominal GDP
real GDP
n. a way of analyzing a country's economy using statistical m…
n. the market value of all final goods and services produced…
n. the gross domestic product stated in terms of the current…
n. the gross domestic product corrected for changes in prices…
national income accounting
n. a way of analyzing a country's economy using statistical m…
gross domestic product (GDP)
n. the market value of all final goods and services produced…
12 terms
Economics Chapter 12 Vocabulary
Goods
Services
Economy
Private sector
Things that you can touch, use and consume (tangible).
Things that other people do for you (intangible).
A system that attempts to solve the basic economic problem
The provision of goods and services by businesses that are ow…
Goods
Things that you can touch, use and consume (tangible).
Services
Things that other people do for you (intangible).
27 terms
Economics - Chapter 12
national income accounting
gross domestic product (GDP)
nominal GDP
real GDP
a way of evaluating a country's economy using statistical mea…
the market value of all final goods and services produced wit…
the gross domestic product stated in terms of the current val…
the gross domestic product corrected for changes in prices fr…
national income accounting
a way of evaluating a country's economy using statistical mea…
gross domestic product (GDP)
the market value of all final goods and services produced wit…
22 terms
SS Economics Chapter 12 Vocabulary
Antitrust Legislation
Business Cycle
Effects of Government Regulation
Equal Employment Opportunity Commissio…
Regulations that prevents the formation of monopolies and bre…
The sequential rise and fall of the economy
Government Regulation affects all aspects of production, dist…
Protects workers from discriminatory hiring and firing practi…
Antitrust Legislation
Regulations that prevents the formation of monopolies and bre…
Business Cycle
The sequential rise and fall of the economy
14 terms
Economics Chapter 12 Vocabulary
Aggregate Expenditure
Aggregate Expenditure Formula
Aggregate Expenditure Model
Inventories
total amount of spending in the economy
Consumption + Planned Investment +Government Purchases + Net…
focuses on the relationship between total spending and real G…
goods that have been produced but not yet sold and GDP and to…
Aggregate Expenditure
total amount of spending in the economy
Aggregate Expenditure Formula
Consumption + Planned Investment +Government Purchases + Net…
27 terms
Economics Chapter 12 Vocabulary
national income accounting
gross domestic product (GDP)
intermediate goods
durable goods
a system that collects macroeconomic statistics on production…
the dollar value of all final goods and services produced wit…
goods used in the production of final goods
goods that last for a relatively long time, such as refrigera…
national income accounting
a system that collects macroeconomic statistics on production…
gross domestic product (GDP)
the dollar value of all final goods and services produced wit…
26 terms
Economics Chapter 12 Vocabulary
civilian labor force
blue-collar worker
white-collar worker
service worker
total number of people 16 years or older employed
category of workers employed in crafts, manufacturing, etc.
employed in offices, sales, or professional positions
people who provide services directly to individuals
civilian labor force
total number of people 16 years or older employed
blue-collar worker
category of workers employed in crafts, manufacturing, etc.
42 terms
Economics vocabulary chapter 12
Macroeconomics
Gross domestic product(GDP)
Intermediate products
Secondhand sales
Branch of economic theory dealing with the economy as a whole…
Dollar value of all final goods, services and structures prod…
Products that are components of other final products included…
Sales of used goods; category of activity not included in GDP…
Macroeconomics
Branch of economic theory dealing with the economy as a whole…
Gross domestic product(GDP)
Dollar value of all final goods, services and structures prod…
27 terms
Economics Chapter 12
National income accounting
Gross domestic product (GDP)
Intermediate goods
Durable goods
A system that collects macroeconomic statistics on production…
The dollar value of all final goods and services produced wit…
Goods used in the production of final goods.
Goods that last for a relatively long time, such as refrigera…
National income accounting
A system that collects macroeconomic statistics on production…
Gross domestic product (GDP)
The dollar value of all final goods and services produced wit…
23 terms
Economics Chapter 12 Review
Gross Domestic Product (GDP)
National Income Accounting
Expenditure Approach for calculating GDP
Income Approach for calculating GDP
the dollar value of all FINAL goods and services produced WIT…
a system that collects macroeconomic statistics on production…
calculating GDP by adding up SPENDING on all final goods and…
adds up all income earned by factors of production, in the co…
Gross Domestic Product (GDP)
the dollar value of all FINAL goods and services produced WIT…
National Income Accounting
a system that collects macroeconomic statistics on production…
33 terms
Economics Chapter 12 and 13
What is a monopolistic competition cha…
What is product differentiation?
What are the ways in which differentia…
Which of the following are monopolisti…
free entry, many different firms, and product differentiation
process firms use to make a product more attractive to potent…
style or type (clothing, food court at mall), location, quality
answer is B.
What is a monopolistic competition cha…
free entry, many different firms, and product differentiation
What is product differentiation?
process firms use to make a product more attractive to potent…
26 terms
Chapter 12 vocabulary economics
National income ccounting
Gross domestic product
Intermediate goods
Durable goods
A system thst collects macroeconomic statistics on production…
He dollar value of all final goods and services produced with…
Goods used in the production of final goods
Goods that last for a relatively long time, such as refrigera…
National income ccounting
A system thst collects macroeconomic statistics on production…
Gross domestic product
He dollar value of all final goods and services produced with…
27 terms
Chapter 12 Economics Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Goods
Durable Goods
A system economists use to collect and organize microeconomic…
$ value of all final goods and services produced within a cou…
products used in production of final goods
goods that last for a long time (refrigerators, cars, DVD pla…
National Income Accounting
A system economists use to collect and organize microeconomic…
Gross Domestic Product
$ value of all final goods and services produced within a cou…
18 terms
Economics chapter 12 vocabulary
Money
Medium of exchange
Liquidity
Unit of account
The stock of assets used for transactions
Item widely accepted in transactions for goods and services;…
Readily convertible into the medium of exchange; easily used…
The measure in which prices and other accounting good I recor…
Money
The stock of assets used for transactions
Medium of exchange
Item widely accepted in transactions for goods and services;…
Economics Chapter 12 Vocabulary
National income accounting
Gross domestic product (GDP)
Intermediate goods
Durable goods
A system economists use to collect and organize macroeconomic…
The dollar value of all final goods and services produced wit…
Products used in the production of final goods
The goods that last for a relatively long time, such as refri…
National income accounting
A system economists use to collect and organize macroeconomic…
Gross domestic product (GDP)
The dollar value of all final goods and services produced wit…
26 terms
Economics Chapter 12 Vocabulary
civilian labor force
blue-collar workers
white-collar workers
service workers
total number of people 16 years old or older who are either e…
category of workers employed in crafts, manufacturing, and no…
category of workers employed in offices, sales, or profession…
people who provide services directly to individuals
civilian labor force
total number of people 16 years old or older who are either e…
blue-collar workers
category of workers employed in crafts, manufacturing, and no…
24 terms
Economics Chapter 12 Vocabulary
national income accounting
Gross Domestic Product (GDP)
intermediate goods
durable goods
A system economists use to collect and organize macroeconomic…
The dollar value of the final goods and services produced wit…
Products used in the production of final goods.
Those goods that last for a relatively long time, such as ref…
national income accounting
A system economists use to collect and organize macroeconomic…
Gross Domestic Product (GDP)
The dollar value of the final goods and services produced wit…
20 terms
Economics Chapter 12 Vocabulary
National Income Accounting
Intermediate Goods
Durable Goods
Nondurable Goods
A system that collects macroeconomic statistics on production…
Goods used in the production of final goods
Goods that last for a relatively long time, such as refrigera…
Goods that last a short period of time, such as food, light b…
National Income Accounting
A system that collects macroeconomic statistics on production…
Intermediate Goods
Goods used in the production of final goods
19 terms
BJU Economics Chapter 12
Gross Domestic Product
Nominal GDP
Final Goods and Services
Intermediate Goods
Total dollar value of all final goods and services a nation's…
Results using current dollar values. How the government repor…
Goods and services that producers sold to ultimate users.
Those that someone purchased either to resell immediately or…
Gross Domestic Product
Total dollar value of all final goods and services a nation's…
Nominal GDP
Results using current dollar values. How the government repor…
27 terms
Economics Chapter 12 Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Good
Durable Goods
a system that collects macroeconomic statistics on production…
The dollar amount of all final goods and services produced wi…
goods used in the production of final goods.
goods that last for a relatively long time, such as refrigera…
National Income Accounting
a system that collects macroeconomic statistics on production…
Gross Domestic Product
The dollar amount of all final goods and services produced wi…
11 terms
economics vocabulary chapter 12
gross domestic product
intermediate goods
durable goods
nondurable goods
the market value of all final goods and services produced wit…
goods used in the production of final goods
goods that last for a relatively long time, such as refrigera…
goods that last a short period of time, such as food, light b…
gross domestic product
the market value of all final goods and services produced wit…
intermediate goods
goods used in the production of final goods
12 terms
Chapter 12 Economics Vocabulary
Gross Domestic Product (GDP)
Gross National Product (GNP)
Depreciation
Aggregate Supply
The dollar value of all final goods and services produced wit…
The annual income earned by U.S.-Owned firms and U.S. citizens.
The loss of the value of capital equipment that results from…
The total amount of goods and services in the economy availab…
Gross Domestic Product (GDP)
The dollar value of all final goods and services produced wit…
Gross National Product (GNP)
The annual income earned by U.S.-Owned firms and U.S. citizens.
42 terms
Chapter 12 Economics Vocabulary
marcroeconomics
gross domestic product (GDP)
intermediate products
secondhand sales
part of economics that deals with the economy as a whole and…
the dollar value of all final goods, services, and structures…
products that are components of other final products included…
sales of used goods not included in GDP
marcroeconomics
part of economics that deals with the economy as a whole and…
gross domestic product (GDP)
the dollar value of all final goods, services, and structures…
21 terms
Economics chapter 12
DPI
Macroeconomics
GNP
Center of population
The smallest measure of income equal to the total income of t…
Is the branch of economics that deals with the economy as a w…
The dollar value of all final goods, services, and structures…
Is the point where the country would balance if it was laid f…
DPI
The smallest measure of income equal to the total income of t…
Macroeconomics
Is the branch of economics that deals with the economy as a w…
11 terms
Economics Chapter 12 Vocabulary
Externality
Predatory Pricing
Fiscal Policy
Monetary Policy
An economic side effect of producing or consuming a good or s…
selling a product below its cost with the goal to drive compe…
Uses government spending and taxation to stabilize the economy.
Involves regulating the money supply to help the economy achi…
Externality
An economic side effect of producing or consuming a good or s…
Predatory Pricing
selling a product below its cost with the goal to drive compe…
14 terms
Contemporary Economics Chapter 12
Applied Research
Basic Reasearch
Capital Deepening
Cluster
Research that seeks answers to particular questions or applie…
Search for knowledge without regard to how that knowledge wil…
Increase in the quantity and quality of capital per worker
Firms in the same industry or in related industries that grou…
Applied Research
Research that seeks answers to particular questions or applie…
Basic Reasearch
Search for knowledge without regard to how that knowledge wil…
13 terms
Economics Vocabulary (Chapter 12)
Inflation
Consumer Price Index (CPI)
GDP Deflator
Producer Price Indexes (PPI)
An increase in the average level of prices.... Inflation is meas…
Measures the average price for a basket of goods and services…
The ratio of nominal to real GDP multiplied by 100. Covers al…
Measure the average price received by producers. Includes fin…
Inflation
An increase in the average level of prices.... Inflation is meas…
Consumer Price Index (CPI)
Measures the average price for a basket of goods and services…
38 terms
Chapter 12 Economic Indicators and Measurements
national income (NI)
gross domestic product (GDP)
intermediate goods
durable goods
the total income earned in a nation from the production of go…
total dollar value of all final goods and services produced i…
goods used in the production of final goods
goods that last for a relatively long time, such as refrigera…
national income (NI)
the total income earned in a nation from the production of go…
gross domestic product (GDP)
total dollar value of all final goods and services produced i…
23 terms
Economics chapter 12 & 13
GDP
Included in GDP
nominal
real
gross domestic product measures how economy is doing
final goods ... produced in time period... produced in US
price levels for that year that the GDP was taken
fixed for inflation
GDP
gross domestic product measures how economy is doing
Included in GDP
final goods ... produced in time period... produced in US
10 terms
Chapter 12 Economics Vocabulary
GDP
Recession
Durable/non-durable goods
Leading indicators
The total value of all final goods and services produced in a…
Prolonged economic contraction
...
Key economic variables that economists use to predict a new p…
GDP
The total value of all final goods and services produced in a…
Recession
Prolonged economic contraction
Chapter 12 Economics Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Goods
Durable Goods
collects macroeconomics statistics on production, income, inv…
the dollar value of all final goods and services produced
goods used in the production of final goods
goods that last for a relatively long time
National Income Accounting
collects macroeconomics statistics on production, income, inv…
Gross Domestic Product
the dollar value of all final goods and services produced
27 terms
Economics Chapter 12 Vocabulary
national income accounting
gross domestic income
intermediate goods
durable goods
system economists use to collect and organize macroeconomic s…
dollar value of all final goods and services produced within…
product used in the production of final goods.
goods that last a long time.... examples: fridge, cars, DVD player
national income accounting
system economists use to collect and organize macroeconomic s…
gross domestic income
dollar value of all final goods and services produced within…
27 terms
Chapter 12 Economics Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Goods
Durable Goods
A system economists use to collect and organize microeconomic…
$ value of all final goods and services produced within a cou…
products used in production of final goods
goods that last for a long time (refrigerators, cars, DVD pla…
National Income Accounting
A system economists use to collect and organize microeconomic…
Gross Domestic Product
$ value of all final goods and services produced within a cou…
27 terms
Chapter 12 economics vocabulary
National income accounting
Gross domestic product
Intermediate goods
Durable goods
A system of collecting statistics on production income, inves…
The dollar value of all final goods and services produced wit…
Goods used in the production of final goods
Goods that last for a relatively long time, such as refrigera…
National income accounting
A system of collecting statistics on production income, inves…
Gross domestic product
The dollar value of all final goods and services produced wit…
27 terms
Chapter 12 Economics Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Goods
Durable Goods
A system economists use to collect and organize microeconomic…
$ value of all final goods and services produced within a cou…
products used in production of final goods
goods that last for a long time (refrigerators, cars, DVD pla…
National Income Accounting
A system economists use to collect and organize microeconomic…
Gross Domestic Product
$ value of all final goods and services produced within a cou…
82 terms
Chapter 12 Economics Vocabulary
National Income Accounting
Gross Domestic Product
Intermediate Products
Durable Goods
A system economists use to collect and organize microeconomic…
$ value of all final goods, services, and structures produced…
products that are components of other final products included…
goods that last for a long time (refrigerators, cars, DVD pla…
National Income Accounting
A system economists use to collect and organize microeconomic…
Gross Domestic Product
$ value of all final goods, services, and structures produced…
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