The flashcards below were created by user
cstock
on FreezingBlue Flashcards.
-
What are durable goods?
Goods that last for a relatively long time.
-
What are nondurable goods?
Goods that last a short period of time.
-
What is nominal GDP?
GDP measured in current prices.
-
What is real GDP?
GDP measured in unchanged, constant prices.
-
What is depreciation?
The loss of the value of capital equipment that resorts from normal wear and tear.
-
What is the savings rate?
The proportion of disposable income that is saved.
-
Define globalization.
The shift from local to global markets as countries seek foreigners trade and investment.
-
What does it mean to be underemployed?
Working at a job you are unqualified for.
-
What is purchasing power?
The ability to purchase goods and services.
-
What is fixed income?
Income that does not increase even when prices go up.
|
|