________ and Childcare: GDP ignores transactions that do not take place in organized markets.
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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.
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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.
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Consumption expenditures
________ are purchases by consumers of currently produced goods and services, either domestic or foreign.
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GDP
________ will increase if prices increase, even if the physical amount of goods that are produced remains the same.
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Flow
Value- added is the sum of all the income- wages, interest, profits, and rent- generated by an organization An Expanded Circular ________.
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GDP accounting
In ________, investment denotes the purchase of new capital.
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Depreciation
________ (a capital consumption allowance) is where the existing plant, equipment, and housing deteriorate or wear.
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Depression
________ is the common term for a severe recession.
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Imports
________ are goods and services we buy from other countries.
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Transfer payments
________ are payments from governments to individuals that do not correspond to the production of goods and services.
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Pollution
________: GDP does not value changes in the environment that occur in the production of output.
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Gross Domestic Product
________ (GDP) is the total market value of final goods and services produced within an economy in a given year.
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recession
A(n) ________ is a period when real GDP falls for 6 or more consecutive months.
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net investment
If we subtract depreciation from gross investment, we obtain ____________
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trade deficit
When we buy more goods from abroad than we sell, we have a _______________.
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trade surplus
A ___________occurs when our exports exceed our imports.
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Depression
__________ is the common term for a severe recession.
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peak
The date at which the recession starts - that is when output starts to decline- is called the _________.
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trough
The date at which it ends - that is when output starts to increase again- is called the __________.
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expansion
After a tough, the economy enters a recovery period, or period, or period of __________.
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Flashcard (75)