Macroeconomics Flashcards
When Income is used for purposes other than domestic consumption is a
Leakage
Individuals paying taxes to the federal government is considered in
Macroeconomics
A productivity possibility curve measures the maximum amount of various goods and services an
Economy can produce at a given time
A measure of the market value of all final goods and services produced within the us during one year period
Gross domestic product
What is measured at current prices
Nominal GDP
What is measured at constant prices
Real GDP
Measure of the market value of maximum production of final goods and service that is possible in the economy
Potential GDP
During a recession
Actual national income is less than potential national income as a result of decreased demand
Product should be included in GDP the year it was finished not when it was
Sold
adjustment from GNP to nnp is deducting
Depreciation
Positive GDP gap exist when
Potential GDP exceeds real GDP
Workers bring transitioned between jobs is
Fractionally unemployed
Workers whose prior jobs have been greatly reduced or eliminate or lack skills
Structural employment
Downturn in business cycle related to
Cyclically unrmployed
A person must b 16 to consider to b part of the
Workforce