Macroeconomic Concepts: GDP, Economic Cycles, Aggregate Supply and Demand

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Economics - Macroeconomics

jake12testoswi Created by 10 mon ago

Cards in this deck(21)

What is the term for the total value of all final goods and services produced in a country during a given year?

What are goods called that last for a relatively long time, such as refrigerators, cars, and DVD players?

What is the term for goods that last a short period of time, such as food, light bulbs, and sneakers?

What is GDP expressed in constant, or unchanging, prices called?

What is the term for the loss of the value of capital equipment that results from normal wear and tear?

What is the total amount of goods and services in the economy available at all possible price levels called?

What is the amount of goods and services in the economy that will be purchased at all possible price levels called?

What is a prolonged economic contraction known as?

What is a deep recession with features such as high unemployment and low economic output called?

What is the term for a decline in real GDP combined with a rise in the price level?

What is real GDP divided by the total population of a country called?

What is the percentage of the labor force that is unemployed known as?

What is a general increase in prices across an economy called?

What is the term for working at a job for which one is overqualified, or working part-time when full-time work is desired?

What is a price index determined by measuring the price of a standard group of goods meant to represent the 'market basket' of a typical urban consumer?

What is a representative collection of goods and services called?

What theory suggests that inflation occurs when demand for goods and services exceeds existing supplies?

What theory states that the prices of goods are determined primarily by their manufacturing costs?

What is the process by which rising wages cause higher prices, and higher prices cause higher wages called?

What is income that does not increase even when prices go up called?

What is a sustained drop in the price level known as?

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Macroeconomic Concepts: GDP, Economic Cycles, Aggregate Supply and Demand

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