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Lecture Notes for ECON 2006 - Principles of Economics with Cothren at Virginia Tech (VT)

Notes Information

Material Type:Vocab
Professor:Cothren
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Spring 2008
Keywords:
  • Gdp Price Index
  • Production Goods
  • Inventory Changes
  • Value-Added Approach
  • The Economy
  • Government Purchases
  • Expenditure Approach
  • Seasonal Unemployment
  • Budget Surplus
  • Discouraged Workers
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Sample Document Text

Econ Vocab. For first exam Chapter 4      Economic growth: the increase in our production of goods and services that occurs over long periods of time Business cycles: fluctuations in real GDP around its long-term growth trend Expansion: a period of increasing real GDP Recession: a period of significant decline in real GDP Depression: an unusually severe recession Aggregation: the process of combining different things into a single category Chapter 5 Gross Domestic Product (GDP): the total values of all final goods and services produced for the marketplace during a given year, within the nation’s borders. Intermediate goods: goods used up in producing final goods Final good: a good sold to its final user Expenditure approach: measuring GDP by adding the value of goods and services purchased by each type of final user- C+I+G+NX=GDP Consumption: the part of GDP purchased by households as final userslargest component of GDP Private investment (I): the sum of business plant, equipment, and ...

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