Econ Ch. 13 Sec 2 Vocab

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gerardcb
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120192
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Econ Ch. 13 Sec 2 Vocab
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2011-12-01 22:46:52
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Econ 13 Sec Vocab
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Econ Ch. 13 Sec 2 Vocab
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  1. Inflation
    Rise in general level of prices
  2. Price Index
    Statistical series used to measure changes in the price level over time
  3. Base year
    Year serving as point of comparison for other years in a price index or other statistical measure
  4. Market basket
    Representive collection of goods and services used to compile a price index
  5. Consumer price index (CPI)
    Index used to measure price changes for a market basket of frequently used consumer items
  6. Producer price index
    Index used to measure prices received by domestic producers; formerly called the wholesale price index
  7. Implicit GDP price deflator
    Index used to measure price changes in Gross Domestic Product
  8. Current GDP
    Gross Domestic Product measured in current prices, unadjusted for inflation
  9. Real GDP
    Gross Domestic Product after adjustments for inflation; same as GDP in constant dollars
  10. GDP in constant dollars
    Gross Domestic Product after adjustments for inflation; also called GDP in constant (chained) dollars; same as real GDP

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