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Final Exam Review

Final Exam Review - F inal Exam Review gross domestic...

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Final Exam Review gross domestic product (GDP) The total market value of all final goods and services produced within a nation's borders in a given time period. (2, 5) national income (NI) Total income earned by current factors of production: GDP less depreciation and indirect business taxes, plus net foreign factor income. (5) labor force All persons over age 16 who are either working for pay or actively seeking paid employment. (6, 17) discouraged worker An individual who isn't actively seeking employment but would look for or accept a job if one were available. (6) business cycle Alternating periods of economic growth and contraction. (8, 9, 18) Consumer Price Index (CPI) A measure (index) of changes in the average price of consumer goods and services. (7) GDP deflator A price index that refers to all goods and services included in GDP. (7) inflation An increase in the average level of prices of goods and services. (4, 5, 7, 8) deflation A decrease in the average level of prices of goods and services. (7) Disinflation
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