Day 18 Flashcards
____ ___ - The number of unemployed people as a percentage of the labor force
Unemployment rate
Current percentage of the unemployment rate
3.80%
____ ____ ____ - Measures the overall change in consumer prices based on a representative basket of goods and services over time
Consumer Price Index (CPI)
What is the consumer price index used for?
Measuring inflation
_____ - Measures how much more expensive a set of goods and services has become over a certain period
Inflation
___ ___-Measures the value of the goods and services produced by an economy in a specific period, adjusted for price changes
Real GDP
_____ ____ - A measurement of the total amount of demand for all finished goods and services produced in an economy
Aggregate Demand
______ - A consumers desire to purchase goods and services and willingness to pay a specific price for them
Demand
___ ___ - The total amount of goods and services supplied by businesses within a country at a given price level
Aggregate Supply
____ - The number of products that a buyer or seller is willing and capable to provide buyers
Supply
A farmers purchase of a new tractor, an increase in business inventories, the government purchasing a new submarine for the Navy, A barber getting paid for cutting 10 people’s hair in one day, spending 7 to attend a movie, a family paying a contractor $100000 for a house he built for them this year, Ford motor company buys a whole set of new robots to use in building cars, and paying $300 to rent an apartment are all ____ in/from GDP
Included
A monthly check received by an economics student who had been granted a government scholarship, a plumbers purchase of a 2 year old used truck, cashing a US government bond, a mechanic fixed the radiator on his own car, a retired store clerk receives a social security check? Income received from the sale of Nike stock, a family pays $75,000 for a house completely finished 3 years ago, a homemaker works very hard caring for their souse and two children, you buy $1000 worth of stock in General Motors, and you buy a Toyota that was made in Japan are all examples of being _____ in/from GDP
Excluded
