Gross Domestic product - The sum of all of the final goods and services produced within a country in a year., Consumption - Goods and services purchased by households. Largest part of GDP., Investment - Business expenses on finished equipment. Consumer purchases of homes., Government Spending - Purchases by the government on goods and services., Net Exports - Exports - Imports, Export - Goods sent out of a country., Import - Goods brought in to a country., Unemployment - The ratio of those looking for work to the labor force. (Looking / (Looking + Working), Structural Unemployment - Unemployment that occurs when workers' skills do not match the jobs that are available., Frictional Unemployment - Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills., Cyclical Unemployment - Unemployment that rises during economic downturns and falls when the economy improves., Seasonal Unemployment - Unemployment caused by annual changes in the weather or other conditions that prevail at certain times of the year, Inflation - A general increase in prices and fall in the purchasing value of money., Stagflation - A period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)., Real Inflation - GDP adjusted for inflation, Gains from inflation - Borrowers whose wages go up but their fixed rate loans do not change., Losses from inflation - People on a fixed income who do not see their incomes rise with inflation., Final Goods - Goods that are completely produced and have reached their end user., Consumption Spending - you spend $7 to attend a movie, a family pays a contractor $100,000 for house he built for them this year - consumption spending; if you are buying the home, consumer spending, Aggregate Demand - The amount of goods and services in the economy that will be purchased at all possible price levels. Made up of components of GDP., the government increases its defense expenditures by $1,000,000,000 - Government Spending, Underemployed - Work which does not make full use of qualifications or work experience., a homemaker works hard caring for her spouse and kids - not counted; do it yourself, The tooth fairy decide to look for a better job because she was just not getting enough money - frictional, Frosty the Snowman is expecting to be out of work shortly following the last big snow of the year - seasonal/frictional, Mickey Mouse voluntarily quit his job at Disney and has decided to seek a job driving trucks - Frictional, The Easter Bunny is looking for job since he ran out of eggs when they became scarce eggs during the current recession - cyclical, labor Force - The number of people who are either employed or they Are actively seeking a job., =Unemployed - People who are sixteen and older who are willing and able to work and cannot find a job. They are actively seeking a job.,

Economics-Unit 2

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