question
non-market transactions
answer
economic activity not taking place in the market (i.e. doing your own laundry, or painting your own house) that are not included in GDP
question
enterprise zones
answer
areas free of local, state, and federal tax laws as well as other operating restrictions
question
household
answer
basic unit of the consumer sector consisting of all of the people who occupy a house, apartment, or separate living quarters
question
underground economy
answer
unreported legal and illegal activities that do
not show up in GDP statistics
not show up in GDP statistics
question
intermediate
answer
___________ products are components of other final products already included in the GDP
question
poverty threshold
answer
annual dollar income used to determine poverty
question
disposable
answer
percentage of the population aged under 15 and over 65 to the population aged 15 to 65
question
current gdp
answer
gross domestic product measured in current prices, unadjusted for inflation
question
medicaid
answer
joint federal-state medical insurance for low-income people
question
infrastructure
answer
the highways, levees, mass transit, communications, power, water and other public goods needed to support a population
question
net immigration
answer
population change after accounting for those who leave and enter a country
question
base year
answer
the selected year serving as point of comparison for other years in a price index or other statistical measure
question
net exports
answer
net expenditures in the foreign sector equal to total exports minus total imports
question
population pyramid
answer
diagram showing the breakdown of population by age and gender
question
welfare
answer
government or private agency programs that provide general economic and social assistance to needy individuals
question
baby boom
answer
the historically high birthrate years in the United States from 1946 to 1964
question
real gdp
answer
gross domestic product after adjustments are made for inflation
question
output-expenditure
answer
The ______________ model describes aggregate demand by the consumer, investment, government, and foreign sectors [GDP = C + I + G + Xn].
question
food stamps
answer
government-issued coupons that can be exchanged for food
question
real gdp per capita
answer
gross domestic product on a per person basis
question
lorenz curve
answer
graph showing how much the actual distribution of income differs from an equal distribution
question
workfare
answer
program requiring welfare recipients to work in exchange for benefits
question
census
answer
complete count of the population, including place of residence
question
gdp
answer
dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period
question
secondhand
answer
___________ sales of used goods like garage sale items and used vehicles are excluded from GDP analysis
question
inflation
answer
sustained rise in the general level of prices
of goods and services
of goods and services
question
trendline
answer
growth path the economy would follow if peaks and troughs were averaged out over time
question
creeping
answer
________ inflation is a relatively low rate of
inflation, usually 1 to 3 percent annually
inflation, usually 1 to 3 percent annually
question
hyperinflation
answer
abnormal inflation in excess of 500 percent per year representing the final stage before monetary collapse
question
fluctuation
answer
irregular changes in real GDP that occur sporadically and unpredictably
question
depression
answer
state of the economy with abnormally large numbers of unemployed, declining real incomes, and severe economic hardship
question
demand-pull
answer
_______ - _______ explanation that prices rise because all sectors of the economy try to buy more goods and services than the economy can produce
question
recession
answer
decline in real GDP lasting at least two quarters or more that is NOT part of a healthy business cycle
question
stagflation
answer
combination of stagnant economic growth with rising unemployment and inflation
question
deflation
answer
sustained decrease in the general level of the prices of goods and services
question
debtors
answer
persons or institutions that owe money
question
DIJA
answer
an index of 30 representative stocks used to monitor stock price changes
question
peak
answer
point in time when real GDP stops expanding and begins to decline
question
consumer price index (CPI)
answer
used to measure price changes for a market basket of frequently used consumer items
question
expansion
answer
period of uninterrupted growth of real GDP
lasting for a year or more
lasting for a year or more
question
leading indicator
answer
economic statistical series that predicts where the economy is most likely to move next
question
cycles
answer
business _________ are systematic changes in real GDP marked by alternating periods of expansion and contraction
question
market basket
answer
representative collection of goods and services used to compile a price index
question
base year
answer
year serving as point of comparison for other years in a price index
question
creditors
answer
persons or institutions to whom money is owed
question
contraction
answer
period of economic decline in rGDP that is required for the healthy economy to "reset" for the next phase of expansion
question
Producer Price Index (PPI)
answer
used to measure prices received by domestic producers; formerly called the wholesale price index
question
LEI
answer
monthly statistical series that uses a combination of several individual indicators to forecast changes in real GDP
question
trough
answer
point in time when real GDP stops declining and begins to expand
question
implicit GDP price deflator
answer
used to measure price changes in gross domestic product over time
question
cost-push
answer
explanation that rising input costs, especially energy and organized labor, drive up the cost of products for manufacturers and thus cause inflation
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