Textbook Notes (363,452)
Canada (158,372)
Economics (359)
ECON 102 (143)
All (3)

Textbook Terms & Definitions - Chp. 19

2 Pages
Unlock Document

University of British Columbia
ECON 102

Chapter 19 Term Definition 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. Also called current-dollar national income. Real National Income National income measured in constant (base-period) dollars. It changes only when quantities change. Business Cycle Fluctuations of national income around its trend value that follow a more or less wavelike pattern. Potential Output The real GDP that the economy would produce if its productive resources were employed at their normal levels of utilization. Also called potential GDP. Output Gap Actual national income minus potential national income, Y - Y*. Recessionary Gap A situation in which actual output is less than potential output, Y < Y*. Inflationary Gap A situation in which actual output exceeds potential output, Y > Y*. Recession A downturn in the level of economic activity. Often defined precisely as two consecutive quarters in which real GDP falls. Employment The number of person 15 years of age or older who are not employed and are actively searching for a job. Unemployment Unemployment expressed as a percentage of the labour force, denoted U. Labour Force The number of persons employed plus the number of person unemployed. Unemployment Rate Unemploymen
More Less

Related notes for ECON 102

Log In


Don't have an account?

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.