definitions for final

definitions for final - date of a new job; the group of...

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Economics- Macroeconomics - the study of the economy as a whole Gross Domestic Product - total market value of all final goods and services produced within a country in a given period of time Investment- GDP deflator -measures current level of prices relative to the level of prices in the base year Consumer Price Index - measure of the overall cost of goods and services bought by a typical consumer Productivity - amount of goods and services produced for each hour of a workers time Technological knowledge - understanding of the best way to produce goods and services Bond - certificate of indebtedness that specifies obligations of borrower to the holder of bond National savings (saving) - total income left after paying for consumption and government purchases Budget deficit - the government spends more money than it receives in tax revenue Unemployment - those that are looking for a job, temporarily laid off or awaiting the start
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Unformatted text preview: date of a new job; the group of individuals in the labor force that are not employed Cyclical unemployment- arises from fluctuations in the business cycle Money- set of assets in the economy that people regularly use to buy goods and services from other people Monetary policy- the setting of the money supply by policy makers in the central bank Open market operations- primary way the FED changes the money supply Real variables- variables measured in physical units Depreciation- wear and tear on the economys stock of equipment and structures Recession- period of declining real GDP, falling incomes, and rising unemployment Natural rate of output Fiscal policy-making changes in taxes and government spending Multiplier effect Automatic stabilizers Phillips curve Natural-rate hypothesis Sacrifice ratio Rational expectations...
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This test prep was uploaded on 04/08/2008 for the course ECON 1002 taught by Professor Rissell during the Spring '08 term at Villanova.

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