Econ Chapter 12 Flashcards
The branch of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions
Macroeconomics
Total dollar value of all final goods, services and structures produced in one year with labor and property supplied by a country’s residents, regardless of where the production takes place; largest measure of a nation’s income
Gross National Product
personal income less individual income taxes; total income available to the consumer sector after income taxes
Disposable Personal Income
Point where the country would balance if it were flat and everyone weighed the same
Center of Population
ratio of children and elderly per 100 persons who are in the 18-64 working age bracket
Dependency Ratio
number of births that 1,000 women are expected to undergo in their life time
Fertility Rate
joint federal-state medical insurance program for low-income people
Medicaid
program requiring welfare recipients to work in exchange for benefits
Workfare
economic activities that do not generate expenditures in the market
Nonmarket Transactions
total amount of income going to the consumer sector before individual income taxes are paid
Personal Income
basic unit of consumer sector consisting of all persons who occupy a house, apartment, or separate living quarters
Household
diagram showing the breakdown of population by age and gender
Population Pyramid
person who studies growth density, and other characteristics of the population
Demographer
graph showing how much the actual distribution of income differs from an equal distribution
Lorenz Curve
area free of local, state and federal tax laws as well as other operating restrictions
Enterprise Zone
