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2022-2023 > Economics 3/3 > Flashcards

Economics 3/3 Flashcards

1
Q

The total value of all finals goods and services produced during a given year using the prices of the base year

A

Real GDP

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2
Q

The total value of all finals goods and services produced during a given year using the prices of the current year

A

Nominal GDP

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3
Q

The rise of the overall price level

A

Inflation

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4
Q

Increased costs of transactions caused by inflation

A

Shoe-leather Costs

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5
Q

The changing of listed prices

A

Menu Costs

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6
Q

The way inflation makes money a less reliable unit of measurement

A

Unit of Account Costs

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7
Q

(Nominal interest rate - the rate of inflation) Measures the percentage increase in purchasing power the lender receives when the borrower repays the loan with interest

A

Real Interest Rates

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8
Q

Interest rate actually paid for a loan

A

Nominal Interest Rates

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9
Q

The process of bringing the inflation rate down

A

Disinflation

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10
Q

The measure of the overall level of prices in the economy

A

Aggregate Price Level

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11
Q

Measures the cost of purchasing a given market basket in a given year

A

Price Index

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12
Q

Measures the cost of the market basket of a typical household

A

Consumer Price Index

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13
Q

A measure of inflation in the prices of goods and services produced in the United States, including exports (100x the ratio of nomial GDP to real GDP in that year)

A

GDP Deflator

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14
Q

Measures the changes in prices of goods and services purchased by producers

A

Producer Price Index

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15
Q

Used to calculate GDP

A

Expenditure Method

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16
Q

The use of goods and services by households

A

Consumption

17
Q

Money spent on capital goods, or goods used in the production of capital, goods, or services

A

Investment by Firms

18
Q

Spending by the government

A

Government Spending

19
Q

a measure of a nation’s total trade (imports - exports)

A

Net Exports

2022-2023 (15 decks)

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