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finished goods
answer
units of product that have been completed but not yet sold to customers
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disposable income
answer
Income remaining for a person to spend or save after all taxes have been paid
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Okun's Law
answer
1 percent more unemployment results in 2 percent less output
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nominal income
answer
The number of dollars received by an individual or group for its resources during some period of time.
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real income
answer
income divided by the price level
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Deflation
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A situation in which prices are declining
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real interest rate
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the interest rate corrected for the effects of inflation
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nominal interest rate
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the interest rate as usually reported without a correction for the effects of inflation
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economic rate
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Value per visitor
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output
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the amount of something produced by a person, machine, or industry
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capital stock
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total shares of ownership in a corporation
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discouraged workers
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individuals who would like to work but have given up looking for a job
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unanticipated inflation
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increases in the price level (inflation) at a rate greater than expected
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anticipated inflation
answer
Increases in the price level (inflation) that occur at the expected rate.
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Market Basket of Goods and Services
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a permanent set of goods and services that are bought and sold as staples in a functional economy. Analysts and policymakers use average price changes in a market basket as the primary gauge of inflation
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