Macro Ch 6 Vocab

cnbunny's version from 2016-03-03 07:57


Question Answer
the part of GDP purchased by households as final usersconsumption (C)
joblessness arising from changes in production over the business cyclecyclical unemployment
total employment (from household survey) divided by the total population over age 16employment-population ratio
measuring GDP by adding the value of goods & services purchased by each type of final userexpenditure approach
payments to the owners of resources that are used in productionfactor payments
measuring GDP by summing the factor payments earned by all households in the economyfactory payments approach
a good sold to its final userfinal good
joblessness experienced by people who are between jobs or who are just entering or reentering the labor marketfrictional unemployment
a situation in which there is no cyclical unemploymentfull employment
spending by federal, state, and local governments on goods & servicesgovernment purchases (G)
the total value of all final goods & services produced for the marketplace during a given year, within the nation's bordersgross domestic product (GDP)
good used up in producing final goodsintermediate goods
those people who have a job or who are looking for onelabor force
total exports minus total importsnet exports (NX)
investment minus depreciation net investment
a variable measured without adjustment for the dollar's changing valuenominal variable
goods & services that are produced but not sold in a marketnonmarket production
the level of output the economy could produce if operating at full employment potential output
a variable adjusted for changes in the dollar's valuereal variable
adjusting an economic variable to remove the effects of changes predicted to occur at that time of yearseasonal adjustment
a period during which real GDP is below potential and/or the employment rate is below normal slump
joblessness arising from mismatches between workers' skills and employers' requirements or between workers' locations and employers' locationsstructural unemployment
any payment that is not compensation for supplying goods, services, or resourcestransfer payment
the revenue a firm receives minus the cost of the intermediate goods it buysvalue added
measuring the GDP by summing the values added by all firms in the economyvalue added appraoch