| A | B |
|---|
| Nominal GDP | Current GDP |
| used to measure changes in prices over time | Price Index |
| output expenditure model | used to calculate GDP |
| C + I + G +(X-M) = | GDP |
| amount of capital stock available per worker | capital-to-labor ratio |
| used to measure the US economy until 1991 | GNP |
| tracks consumption, income, and production | nationnal income accounting |
| tells economists that an economic change HAS occured | coincident indicators |
| when demand, production, and employment reach their lowest levels | trough |
| Example of a lagging indicator | Use of installment credit |
| term used to describe economic slowdown | contraction |
| term used to describe economic growth | expansion |
| Coolest teacher at Century | Mr. Baker, of course |
| used to anticipate the economy's direction | leading indicators |
