Level 6
Level 7

U.S. & the World Economy


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consumer price index
a price index that measures changes in average prices of goods and services purchased by a typical consumer
consumption
spending by households, including durable goods, non-durable goods, and services
deflation
a sustained decrease in the price of goods and services over a period of time (think of a deflated balloon there is no air)
Economic growth
economists use the term to refer to continual increases in potential real GDP or full-employment real GDP; term is often used in the press to mean increases in total spending
exports
goods and services produced in the US and sold abroad
GDP
the market vale of all of the final goods and services produced annually within a nation
Government spending
the sum of federal govt state and local govt purchases of goods and services
imports
goods produced abroad and purchased domestically
inflation
a sustained increase in the price of goods and services over a period of time (think of an inflated balloon full of air)
investment
when used in reference to GDP or the entire economy, it is spending intended to increase future output. For example, goods purchased by individual and firms that consist of fixed investment and inventory investment
labor force
the number of individuals who have jobs plus the number who are actively looking for jobs
net exports
exports of goods and services minus imports of goods and services
real GDP
the real value of all final goods and services produced in an economy in a year; measured in dollars adjusted for changes in the overall price level
real GDP per capita
real GDP per person; divided by population
unemployed
an individual that does not have a job and is not actively looking for work
unemployment rate
the percentage of the labor force that is unemployed
Level 8