| A | B |
|---|
| GDP | produced within a country's nationnal borders |
| SECONDHAND SALES | YARD SALE ITEMS ,CREGS LIST ECT |
| NON-MAKET TRANSACTION | NOT INCLUDED IN GDP; SERVICES OF HOMEMAKERS |
| UNDERGROUND ECONOMY | DO NOT SHOWUP IN GDP STATISTIC |
| GROSS NATIONAL PRODUCT | TOTAL DOLLAR VALUE OF ALL GOODS AND SERVICES/STRUCTURES |
| DISPOSABLE PERSONAL INCOME | PERSONAL INCOME, LESS INDIVIDUAL INCOME |
| BASE YEAR | YEAR SERVING AS POINT OF COMPARSIIN FOR OTHER YEARS |
| CONSUMER PRICE INDEX | INDEX USED TO MEASURE PRICE CHANGE FOR A MARKET BASKET |
| PRODUCER PRICE NDEX | INDEX USED TO MEASURE PRICES RECEVIED BY DOMESTIC PRODUCERS |
| CURRENT GDP | GROSS DOMESTIC PRODUCT MEASURED IN CURRENT PRICES |
| REAL GDP | GROSS DOMESTIC PRODUCT AFTER ADJUSTMENTS FOR INFLATIONS |
| STANDARD OF LIVING | NECESITIES AND LUXURIES |
| BUSINESS CYCLE | CHANGES IN REAL GDP MARKED BY ALTERNATING PERIODS |
| RECESSION | DECLINE IN REAL GDP LASTING AT LEAST TWO QUARTERS OR MORE |
| PEAK | POINT IN TIME WHEN REAL GDP STOPS EXPANDING AND BEGINS TO DECLINE |
| TROUGH | POINT IN TIME WHEN REAL GDP STOPS DECLINIG AND BEGINS TO EXPAND |
| EXPANSION | PERIOD OF GROWTH OF REAL GDP, RECOVERY FROM RECESSION |
| DEPRESSION | OUT OF WORK, ACUTE SHORTAGE, AND EXCESS CAPACITY IN MANUFACTURING |
| UNEMPLOYMENT | HAVING MADE AN EFFORT TO FIND A JOB DURING THE PAST MONTH |
| UNEMPLOYMENT RATE | ratio of umemployed individuals |
| structural unemployment | fundamental change in the economy that reduces workers |
| cyclical unemployment | related to swings in the business cycle |
| seasonal unemployment | caused by fundamental change that reduces demand for some workers |
| technological unemployment | job lost cause by technological developments |
| automation | the production mechanical process |
| inflation | rise in the general level of prices |
| full employment | 45% |
| deflation | decreases in general level of prices of goods and services |
| demand-pull inflation | inflation caused by increased demand |
| Lorenz curve | the actual distribution of income |
| poverty threshold | the minium income to support your family |
| welfare | provides social assistance to the needy |
| food stamps | gov't issued coupons for food |
