Studied by 1 person
Housework
________ and Childcare: GDP ignores transactions that do not take place in organized markets.
Macroeconomists
________ collect and analyze production and income data to understand how many people will find jobs and whether their living standards are rising or falling.
Chain weighted index
________ is a method for calculating changes in prices that use an average of base years from neighboring years 5.5 Fluctuations in GDP.
Consumption expenditures
________ are purchases by consumers of currently produced goods and services, either domestic or foreign.
GDP
________ will increase if prices increase, even if the physical amount of goods that are produced remains the same.
Flow
Value- added is the sum of all the income- wages, interest, profits, and rent- generated by an organization An Expanded Circular ________.
GDP accounting
In ________, investment denotes the purchase of new capital.
Depreciation
________ (a capital consumption allowance) is where the existing plant, equipment, and housing deteriorate or wear.
Depression
________ is the common term for a severe recession.
Imports
________ are goods and services we buy from other countries.
Transfer payments
________ are payments from governments to individuals that do not correspond to the production of goods and services.
Pollution
________: GDP does not value changes in the environment that occur in the production of output.
Gross Domestic Product
________ (GDP) is the total market value of final goods and services produced within an economy in a given year.
recession
A(n) ________ is a period when real GDP falls for 6 or more consecutive months.
net investment
If we subtract depreciation from gross investment, we obtain ____________
trade deficit
When we buy more goods from abroad than we sell, we have a _______________.
trade surplus
A ___________occurs when our exports exceed our imports.
Depression
__________ is the common term for a severe recession.
peak
The date at which the recession starts - that is when output starts to decline- is called the _________.
trough
The date at which it ends - that is when output starts to increase again- is called the __________.
expansion
After a tough, the economy enters a recovery period, or period, or period of __________.
