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Lecture

Chapter 19 Vocabulary.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Chapter 19 Vocabulary macroeconomics – the study of the determination of economic aggregates, such as total output, total employment, the price level and the rate of economic growth nominal national income – total national income measured in current dollars real national income – national income measured in constant (base period) dollars; changes only when quantities change business cycle – fluctuations of national income around it’s trend value that follow a more or less wavelike pattern potential output (Y*) – the real GDP that economy would produce if productive resources were employed at their normal levels of utilization (aka potential GDP) output gap – actual national income – potential national income (Y – Y*) recessionary gap – situation where actual output less than potential output (Y < Y*) inflationary gap – situation where actual output exceeds potential output (Y > Y*) recession – downturn in level of economic activity; often defined precisely as two consecutive quarters in which real GDP falls employment – number of persons 15 years of age or older who have jobs unemployment – the number of persons 15 years of age or older who are not employed and are actively searching for a job labour force – number of persons employed plus the number of persons unemployed unemployment rate – unemployment expressed as percentage of the labour force, d
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