Econ Unit 5 Extra Terms That I Feel Like Will Be On the Test

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underground economy

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I just feel like Ijeoma's gonna pull something! Also this is the third unit we did but Unit 5 in the textbook #urwelcome

20 Terms

1

underground economy

activity that goes unreported either because it’s illegal or because those involved want to evade taxes an otherwise legal activity

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2

net investment

gross investment - depreciation

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3

current dollars

the dollar value at the time the output is produced

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4

index number

the value of something in a particular year compared to its value in a base year

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5

GDP price index

nominal GDP/ real GDP x 100

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6

regions that produce durable goods

those who a recession hits hardest

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7

output per capita

real GDP divided by the population

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8

frictional unemployment

unemployment the time required to bring together labor suppliers and labor demanders

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9

seasonal unemployment

unemployment caused by seasonal changes in labor demand during the year

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10

cyclical unemployment

the increase in unemployment caused by the recession phase of the business cycle

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11

U.S. noninstitutional adult population

those 16 years old and older, except people in the military, in prison, or in psychiatric hospitals; counted in the unemployment rate

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12

unemployment rate

number unemployed/ number in the labor force

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13

annual inflation rate

the percentage increase in the price level from one year to the next

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14

real interest rate

nominal interest rate - inflation rate

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15

federal budget deficit

the amount by which total federal outlays exceed total federal revenues

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16

golden age of keynesian economics

the 1960’s

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17

double counting

sales of intermediate goods and services are excluded from GDP to avoid

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18

valued added

revenue - amount paid for intermediate good

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19

intermediate goods

inputs purchased from other firms

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20

structural unemployment

when the skills and experience of the worker don’t match up with the skills and experience employers demand

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