GDP econ test

gdp

the dollar value of all goods and services prod

included in GDP

consumer goods and services

domestic investment: machinery,residential,

intermidiate goods

goods used in the production of final goods and service

real gdp

expressed in constant or unchanging dola

real GDP per capita

the best measure of a nations standard of living real GDP divided by population

factors that lead to growth

capital deepening,human capital,savings rate,foreigntrade

capital deepening 

increasing amount of physical capital per worker

savings rate

the percentage of disposabal incomee t

frictional

the phase in moving from one job to another

cyclical

when an economy contracts? is hit financially and are forced to lay off their workers 

the workers skills aren’t needed

seasonal

workers that aren’t full tim

sturcrual

long term unemployment from workers and employers not finding a common ground on the skills needed and the skills they have 

inflation

a general increase in prices

three causes of inflation

quantity theory,demand pull,cost push

cpi/calculations

market basket in year your looking for divided by base year times 100

poverty rate

percentage of people under the poverty threshold

poverty threshold

an income level below which is insufficient to support a fa

tanf

tempory assistance for needy families

factors that change aggregate demand

consumption,government,investment,net exports 

factors of aggregate supply

resource price, government action,productivity

resource price

a change in the cost or availability f key resources that impacts production

government action

taxes or subsidies that impact overall supply including new regulation

productivity

a change in technology or human capital

trough

gdp stops at bottom