Class Notes (836,147)
Canada (509,656)
Langara College (1,809)
Economics (37)
ECON 2210 (30)
M.Yu (30)

Chapter 19 Vocabulary.docx

4 Pages
Unlock Document

ECON 2210

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
More Less

Related notes for ECON 2210

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.