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Econ Ch. 13 Sec 2 Vocab
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Inflation
Rise in general level of prices
Price Index
Statistical series used to measure changes in the price level over time
Base year
Year serving as point of comparison for other years in a price index or other statistical measure
Market basket
Representive collection of goods and services used to compile a price index
Consumer price index (CPI)
Index used to measure price changes for a market basket of frequently used consumer items
Producer price index
Index used to measure prices received by domestic producers; formerly called the wholesale price index
Implicit GDP price deflator
Index used to measure price changes in Gross Domestic Product
Current GDP
Gross Domestic Product measured in current prices, unadjusted for inflation
Real GDP
Gross Domestic Product after adjustments for inflation; same as GDP in constant dollars
GDP in constant dollars
Gross Domestic Product after adjustments for inflation; also called GDP in constant (chained) dollars; same as real GDP
Author
gerardcb
ID
120192
Card Set
Econ Ch. 13 Sec 2 Vocab
Description
Econ Ch. 13 Sec 2 Vocab
Updated
2011-12-02T03:46:52Z
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