Allson Corp PG - Economic Performances

Flashcards covering key concepts related to economic performances as noted in the lecture.

Gross Domestic Product (GDP)

The total value of all final goods produced in a given year.

Fiat money

Legal currency

Real GDP

GDP expressed in constant prices, adjusted for inflation.

Aggregate Supply

The total amount of goods and services that can be produced at all possible price levels.

Aggregate Demand

The total demand for goods and services available at all possible price levels.

Business Cycle

The fluctuations in economic activity characterized by periods of expansion and recession.

Expansion

A period of economic growth when real GDP increases.

Peak

The point in the business cycle when real GDP stops rising and begins to fall.

Unemployment

A situation in which individuals who are capable of working are unable to find a job.

Structural Unemployment

Unemployment that occurs when workers' skills do not match the jobs available.

Seasonal Unemployment

Unemployment that occurs at certain times of the year when demand for labor is lower.