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AP Macroeconomics - Unit 2 - Vocabulary
AP Macroeconomics - Unit 2 - Vocabulary
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37 Terms
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Product Market
markets where goods and services are bought and sold
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Consumer Spending
household spending on goods and services
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Factor Market:
markets where resources, especially capital and labor, are bought and sold
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Government Spending
total expenditures on goods and services by federal, state, and local \n governments
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Tax Revenue
the total amount of funds the government receives from taxes
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Disposable Income
equal to income – taxes, this is the total amount of household income available to spend on consumption.
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Government Transfers
payments that the government makes to individuals without expecting a good or service in return
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Private Savings
equal to disposable income – consumer spending, this is a household’s disposable income that is not spent on consumption
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Financial Markets
channel private savings into investment spending and government borrowing
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Government Borrowing
the amount of funds borrowed by the government in the financial \n markets
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Investment Spending
spending by firms on new productive physical capital, such as machinery and structures, and changes in inventories
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Inventories
stocks of goods and raw materials held to facilitate business operations
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Exports
goods and services sold to other countries
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Imports
goods and services purchased from other countries
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Gross Domestic Product (GDP)
the total value of all final goods and services produced in the \n economy during a given year
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Intermediate Goods
goods and services bought from one firm by another firm to be used as inputs into the production of goods and services
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Final Goods
goods and services sold to the final, or end, user
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Employed
people currently holding a job in the economy, either part-time or full-time
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Unemployed
people who are actively looking for work but aren’t currently employed
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Labor Force
equal to the sum of the employed and the unemployed
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Discouraged Workers
nonworking people who are capable of working but have given up looking for a job due to the state of the job market
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Natural Rate of Unemployment
the unemployment rate that arises from the effects of frictional plus structural unemployment
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Inflation
a rising overall price level
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Deflation
a falling overall price level
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Disinflation
the process of bringing the inflation rate down
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Real Wage
the wage rate divided by the price level to adjust for the effects of inflation or deflation
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Real Income
income divided by the price level to adjust for the effects of inflation or deflation
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Price Level
the measure of overall prices in the economy
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Consumer Price Index
measures the cost of the market basket of the typical urban American family
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Nominal Interest Rate
the interest rate actually paid for a loan
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Real Interest Rate
the nominal interest rate minus the rate of inflation
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GDP Deflator
measuring and adjusting the nominal GDP for changes in the price level over time
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GDP per capita
GDP divided by the total population; it is equivalent to the average GDP per person
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Economic Growth
an increase in the maximum amount of goods and services that an economy can produce
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Full-Employment Output
he level of real GDP the economy can produce when all resources are fully employed
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Potential Output
what an economy can produce when operating at maximum sustainable employment (that is, the natural rate of unemployment)
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Output Gap
the difference between actual output and potential output
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