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Cause of the Great Depression |
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poor economic policymaking both in the usa and other major industrialized countries. |
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the adding up of individual economic variables to obtain economywide totals |
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The market value of the final goods and services produced in a country during a given period |
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Goods or services consumed by the ultimate user; end products of the production process. |
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purchases by federal, state, and loval governments of final goods and swervices; government purchases DO NOT INCLUDE transfer payments, or payments to the people or interest. |
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people who say they would like to have a job but have not made an effort to find one in the last four weeks |
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the practice of increasing a nominal quantity each period by an amount equal to the percentage increase in a specific price index. prevents the purchasing power of the nominal quantity from being eroded by inflation |
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a measure of FDP in which the quantities produced are valued at current year price the current dollar value of production |
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A measure of GDP in which the quantities produced are valued at the prices in a base year rather than at current prices, measures the actual physical volume of production. |
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federal reserve and central bank |
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structure and institutions of society |
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market value - cost of inputs |
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spending on capital goods, new machines, new shopping centers, changes in inventory (end minus beginning), business fixed investment |
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sacrifice consumption, sacrifice health and leisure, costs of aquiring R&D, and human capital |
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talents education training, skills of workers, |
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tools factories, machines, cause efficiency |
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tendency for nominal interest rates to be high when inflation is high and low when inflation is low |
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determinants of average labor productivity |
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human capital, physical capital, land and natural resources, technology, entrepreneurship and management, political and legal environment. |
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inflation reduces economic efficiency through all of the following channels |
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-distorting incentives through interaction with the tax laws -obscuring information transmitted by prices -inducing people to minimize cash holdings -interfering with long term planning |
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increases in output per person arise primarily from |
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increases in average labor productivity |
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