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Key words macroeconomics TiU
List of the key words for macroeconomics. Made for the course IBA. Includes chapters, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 33.
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Chapter 21- Paradox of thrift: when families and businesses are worried about the possibility of economic
hard times, they prepare by cutting their spending. This reduction in spending depresses the
economy as consumers spend less and businesses react by laying off workers. As a result,
families and businesses may end up worse off than if they hadn’t tried to act responsibly by
cutting their spending.
- Self-regulating: problems such as unemployment are resolved without government
intervention, through the working of the invisible hand.
- Keynesian economics: economic slumps are caused by inadequate spending, and they can be
mitigated by government intervention.
- Monetary policy: uses changes in the quantity of money to alter interest rates and affect
overall spending.
- Fiscal policy: uses changes in government spending and taxes to affect overall spending.
- Real gross domestic product (real GDP): a measure of the economy’s overall output.
- Recession: also contractions, periods of economic downturn when output and employment
are falling.
- Expansions: also recoveries, periods of economic upturn when output and employment are
rising.
- Business cycle: short-run alternation between recession and expansion.
- Business cycle peak: point at which the economy turns from expansion to recession.
- Business cycle trough: point at which the economy turns from recession to expansion.
- Long-run economic growth: the sustained rise in the quantity of goods and services the
economy produces. ; the sustained upward trend in the economy’s output over time.
- Inflation: rising overall levels of prices.
- Deflation: falling overall levels of prices.
- Price stability: when the overall level of prices changes slowly or not at all.
- Open economy: an economy that trades goods and services with other countries.
- Trade deficit: when the value of goods and services bought from foreigners is more than the
value of goods and services it sells to them. Import > export
- Trade surplus: when the value of goods and services bought from foreigners is less than the
value of the goods and services it sells to them. Export > import
- Comparative advantage: can explain why an open economy exports some goods and services
and imports others.
Chapter 22
- Gross Domestic Product (GDP): to total value of goods and services produced in a country.
- Real GDP: GDP corrected by annual price changes.
- National income and product accounts (also, national accounts): keep track of the flows of
money between different sectors of the economy.
- Government purchases of goods and services: total expenditures on goods and services by
federal, state, and local governments.
- Consumer spending: household spending on goods and services.
- Investment spending: spending on productive physical capital – such as machinery and
construction of buildings – and on changes to inventories.
- Exports: goods and services sold to other countries.
- Imports: goods and services purchased from other countries.
, - Final goods and services: goods and services sold to the final, or end, user.
- Intermediate goods and services: goods and services – bought from one firm by another firm
– that are inputs for production of final goods and services.
- Gross Domestic Product (GDP): the total value of all final goods and services produces in the
economy during a given year.
- Aggregate spending: the sum of consumer spending, investment spending, government
purchases of goods and services, and export minus import is the total spending on
domestically produced final goods and services in the economy.
- Value added: of a producer is the value of its sales minus the value of its purchases of
intermediate goods and services.
- Net exports: the difference between the value of exports and the value of imports.
- Aggregate output: the economy’s total quantity of output of final goods and services.
- Real GDP: the total value of all final goods and services produced in the economy during a
given year, calculated using the prices of a selected base year.
- Nominal GDP: the value of all final goods and services produced in the economy during a
given year, calculated using the prices current in the year in which the output is produced.
- Chained dollars: the method of calculating changes in real GDP using the average between
the growth rate calculated using an early base year and the growth rate calculated using a
late base year.
- GDP per capita: GDP divided by the size of the population; it is equivalent to the average GDP
per person.
- Aggregate price level: a measure of the overall level of prices in the economy.
- Market basket: a hypothetical set of consumer purchases of goods and services.
- Price index: measures the cost of purchasing a given market basket in a given year, where
that cost is normalized so that it is equal to 100 in the selected base year.
Cost of market basket in a given year
- 𝑃𝑟𝑖𝑐𝑒 𝑖𝑛𝑑𝑒𝑥 𝑖𝑛 𝑎 𝑔𝑖𝑣𝑒𝑛 𝑦𝑒𝑎𝑟 = Cost of market basket in base year
𝑥 100
- Inflation rate: the percent change per year in a price index – typically the consumer price
index.
Price index in year 2−price index in year 1
- 𝐼𝑛𝑓𝑙𝑎𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 = 𝑥 100
Price index in year 1
- Consumer price index (CPI): measures the cost of the market basket of a typical urban
American family.
- Producer price index (PPI): measures changes in the prices of goods purchased by producers.
- GDP deflator: The GDP deflator for a given year is 100 times the ratio of nominal GDP to real
GDP in that year.
Chapter 23
- Employment: the number of people currently in the economy, either full time or part time.
- Unemployment: the number of people who are actively looking for work but aren’t currently
employed.
- Labour force: the sum of employment and unemployment.
- Labour force participation rate: the percentage of the population aged 16 or older that is in
the labour force.
Labour force
- Labour force participation rate = Population age 16 and older 𝑥 100
- Unemployment rate: the percentage of the total number of people in the labour force who
are unemployed.
Number of unemployed workers
- Unemployment rate = Labour force
𝑥 100
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