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ECON 1000
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Macroeconomics Key Terms Chapter 5 Measuring a nations income1InflationThe rate at which prices are rising2Unemployment Percent of the labor force that is out of work3MacroeconomicsThe study of economywide phenomena4Microeconomics The study of how households and firms make decisions and how they interact in markets5Total income Wages rent and profit6Total expenditure Consumption investment government purchases and net exports7Gross domestic product GDP Market value of all final goods and services produced within a country in a given period of time8Intermediate production Goods that are produced by one firm to be further processed by another firm9Final production Finished products sold to the end user10Gross national product GNP Market value of all final goods and services produced by a nations residents in a given period of time11Depreciation Value of wornout equipment and structures12Consumption Spending by households on goods and services excluding new housing13Investment Spending on capital equipment inventories and structures including household purchases of new housing14Government purchases Spending on goods and services by all levels of government15Net exports Spending on domestically produced goods by foreigners exports minus spending on foreign goods by domestic residents imports16Transfer payment Expenditures by government for which they receive no goods or services17Real GDP The production of goods and services valued at base year prices18Nominal GDP The production of goods and services valued at current year prices19Base year The year from which prices are used to measure real GDP20GDP deflator A measure of the price level calculated as the ratio of nominal GDP to real GDP then multiplied by 10021Recession Period of decline in GDPCHAPTER 6 MEASURING THE COST OF LIVING22Consumer price index The ratio of the value of the fixed basket purchased by the typical consumer to the baskets value in the base year multiplied by 10023Inflation rateThe percent change in a price index24GDP deflator The ratio of nominal GDP to real GDP multiplied by 10025Basket of goods and servicesThe quantities of each item purchased by the typical consumer26Base year The benchmark year against which other years are compared27Bureau of Labor Statistics The government agency responsible for tracking prices
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