Exam 2: Econ 2202

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Chapter 10 pt 4

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8 Terms

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The U.S. Bureau of Economic Analysis

Is your source of accurate and objective data about the nation's economy.

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Economic Growth

Annual percentage amount that GDP contracts or expands. Is the [percentage] increase in the output (real GDP) of an economy.

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Recession

Two consecutive quarters of negative economic growth (the economy contracts)

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GDP/capita

GDP population → real GDP capita is considered a better measure for standard of living compared to GDP

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GDP Deflator

• A measure of the price level
• Measures the current level of prices relative to the level of
prices in the base year
• GDP deflator at the base year is 100

<p><span style="color: #fcfcfc">• A measure of the price level</span><span style="color: #fcfcfc"><br></span><span style="color: #fcfcfc">• Measures the current level of prices relative to the level of</span><span style="color: #fcfcfc"><br></span><span style="color: #fcfcfc">prices in the base year</span><span style="color: #fcfcfc"><br></span><span style="color: #fcfcfc">• GDP deflator at the base year is 100</span></p>
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Real GDP per capita

Main indicator of the average person’s standard of living

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