Chap12 Vocab

3. Services that have potential economic value but are performed without charge.
4. The annual income received by a country’s people from all sources.
8. The gross national product minus depreciation of capital stock in other words, the value of final goods and services less the value of capital goods that became worn out during the year.
9. The sum of all the supply in the economy
10. An extended period of high unemployment and reduced business activity
11. Measures of economic performance that usually change before real gross domestic product changes
13. The size of the labor force multiplied by the length of the workweek
15. An increase in a nation’s real gross domestic product
16. A prolonged economic contraction lasting two or more quarters (six months or more)
17. The sum of all the demand in the economy
18. A way of analyzing a country’s economy
20. The gross domestic product stated in terms of the current value but are performed without charge
21. The point where aggregate demand equals aggregate supply
23. the gross domestic product corrected for changes in prices from year to year.

1. Measures of economic performance that usually change at the same time as real gross domestic product changes
2. The total income earned in a nation from the production of goods and services in a given time period.
5. The real gross domestic product divided by total population
6. A period during which prices rise at the same time that there is a slowdown in business activity.
7. Personal income minus taxes
12. The market value of all final goods and services produced by a country in a given period of time
14. A market value of all final goods and services produced by a country in a given period of time
19. Measures of economic performance that usually change after real gross domestic product changes
22. The series of growing and shrinking periods of economic activity, measured by increases and decreases in real gross domestic product.