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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.
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Lesson 12: Business Cycles | Unit 1: Instability
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Page: 1 of 26
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It's a fact of life that the economy is unstable. Like a roller coaster rises and falls, the economy expands and contracts.- The economy goes up and down, twisting and turning along the way.
- In general, we prefer the good that comes with a rising, expanding economy and don't like the bad that comes with a falling, contracting one.
- The fluctuations in the economy never stop.
- It is difficult for the economy to run full speed at all times.
- Economic fluctuations go by the term business cycles.
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GROSS DOMESTIC PRODUCT, EXPENDITURES A method of estimating gross domestic product (GDP) based on identifying the aggregate expenditures (consumption expenditures, investment expenditures, government purchases, and net exports) made by the four macroeconomic sectors (household, business, government, and foreign). This is one of two methods used by the Bureau of Economic Analysis in the National Income and Product Accounts to estimate gross domestic product. The other identifies the value of total production from the income received by the resource owners.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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Quantitative Restriction
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