| A | B |
|---|
| GDP | The dollar value of all final goods and services produced wihin a country's borders in a given year. |
| Durable Good | Goods that last for a relatively long time. |
| Interests Rates, External events,business investments | Variables that affect the business cycle. |
| the U.S. Department of Commerce | Agency that maintains the National Income and Product Accounts |
| Capital Deepening | Process of increasing the amount of capital per worker. |
| Technological Progress | An increase in efficiency gained by producing more output without using more inputs. |
| Nondurable Good | Goods that last a short period of time. |
| GDP expressed in constant prices. | Real GDP |
| Disposable Personal Income | The money a person has left after taxes. |
| Trough | The lowest point in an economic contraction. |
| Business Cycle | A period of macroeconomics expansion followed by a period of contraction. |
| Aggregate Demand Curve | Shows how consumers buy more goods when prices fall. |
| Follows a peak in the business cycle | Contraction |
| Depreciation | The loss of value due to normal wear and tear. |
| Recession | A prolonged economic contraction. |
| Depression | A recession that is especially long and severe. |
| Seasonal Unemployment | Unemployment due to an industry shutting down for a season. |
| Structural Unemployment | Unemployment that occurs when workers' skills don't match the jobs available. |
| A normal unemployment rate would be what? | 4%-6% |
| What is in the "market basket" used by the Bureau of Labor Statistics? | typical goods and services for an urban household. |
| What is Underemployed? | Working at a job for which one is overqualified. |
| Number of people unemployed divided by the number of people in the labor force multiplied by 100. | How to calculate the Unemployment Rate. |
