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Economics ch 12: gross domestic product and growth

national income accounting
a system that collects macroeconomic statistics on production, income, investment, and savings
gross domestic product (GDP)
the dollar value of all final goods and services produced within a country’s borders in a given year
intermediate goods
goods used in the production of final goods
durable goods
goods that last for a relatively long time, such as refrigerators, cars, and DVD players
nondurable goods
goods that last a short period of time, such as food, light bulbs, and sneakers
nominal GDP
GDP measured in current prices
real GDP
GDP expressed in constant, or unchanging, prices
gross national product (GNP)
the annual income earned by US-owned firms and US residents
depreciation
the loss of the value of capital equipment that results from normal wear and tear
price level
the average of all prices in the economy
aggregate supply
the total amount of goods and services in the economy available at all possible price levels
aggregate demand
the amount of goods and services in the economy that will be purchased at all possible price levels
business cycle
a period of macro-economic expansion followed by a period of contraction
expansion
a period of economic growth as measured by a rise in real GDP
economic growth
a steady, long-term increase in real GDP
peak
the height of an economic expansion, when real GDP stops rising
contraction
a period of economic decline marked by falling real GDP
trough
the lowest point in an economic contraction, when real GDP stops falling
recession
a prolonged economic contraction
depression
a recession that is especially long and severe
stagflation
a decline in real GDP combined with a rise in the price level
leading indicators
key economic variables that economists use to predict a new phase of business cycle
real GDP per capita
real GDP divided by the total population
capital deepening
process of increasing the amount of capital per worker
saving
income not used for consumption
savings rate
the proportion of disposable income that is saved
technological progress
an increase in efficiency gained by producing more output without using more inputs

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