Is an input to the production of a final good

Is a good in much the same way that cars, houses, and shoes and goods. But it is too difficult to quantify.

Refers to counting goods more than once when computing GDP

Has occurred if real GDP in one year is higher than real GPD in previous year

Trading of stocks and bonds is not counted in GDP because it does not represent the production of new assets.

Illegal goods and services are not counted in GDP, Because no records exists of the related transactions

Is a family hires a person to clean, this is counted in GDP. If the children do cleaning, that doesn’t count.

A used car sale does not enter into the current year statistics because car was counted when it was originally produced

Is a payment to a person that is not made in return for goods currently supplied

Economists sum the spending in usually four sectors of the economy

Total domestic spending on foreign goods

Total foreign spending on domestic goods

Expenditure in the household sector is called.

Expenditure in the foreign sector is called.

Expenditure in the government sector is called.

Expenditure in the business sector is called.

Refers to a single price, such as the price of apples or the price of oranges

Is a weighted average of the prices of all goods and services.

Is the weighted average of prices of a specific set of goods and services (market basket) purchased by a typical household:

Is a person’s nominal balance (or current dollar amount of income) adjusted for any change in prices

Sometimes referred to as the employment/ population ratio, is the percentage of the civilian non institutional population that is employed.

Is the percentage of the civilian non-institutional population that is in the civilian labor force

Is the percentage of civilian labor force that is unemployed. It is equal to the number of unemployed persons divided by the civilian labor force.

This person wa employed in the civilian labor force and was either fired or laid off. Most unemployed persons fall in this category.

This person wa employed in the civilian labor force and quit the job.

This person was previously employed, hasn’t worked for some time, and is currently reentering the labor force.

This person has never held a full time job for two week or longer and is now in the civilian labor force looking for a job.

Entry and exit to the industry is easy

The barriers to entry are extremely high

There is one seller

There are many sellers and many buyers, none of which is large in relation total sales or purchases

Buyers have all relevant information about prices, product quality, sources of supply, and so fort.

Each firm produces and sells a homogeneous product

The single seller sells a product that has no close substitute

The equilibrium price is the only relevant price for the perfectly competitive firm

this rule says that a firm produces quantity of output at which MR=MC²

A right that government grants to a firm and that permits the firm to provide a particular good or service and exclude all others from doing so (eliminating potential competition by law)

This refers to a seller that has the ability to control to some degree the price of the product it sells.