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Macroeconomics

1. Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period of time.

2. GDP deflator a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.

3. Gross national product (GNP)is the total income earned by a nation’s permanent residents (called nationals). It differs from GDP by including income that our citizens earn abroad and excluding income that foreigners earn here.

4. Net national product (NNP)is the total income of a nation’s residents (GNP) minus losses from depreciation.

5. National incomeis the total income earned by a nation’s residents in the production of goods and services.

6. Personal incomeis the income that households and non-corporate businesses receive.

7. Disposable personal incomeis the income that households and non-corporate businesses have left after satisfying all their obligations to the government.

8. Economic growth is defined as a real increase in the gross domestic product (GDP) of a country occurring over a period of time.

9. Nominal growth is defined as economic growth including inflation, while real growth is nominal growth minus inflation.

10. Economic growth rateis the pace at which economic growth increases during a given interval.

11. Positive impactsof economic growth on national economy:

- increase of profitability

- rising shareholders’ and high banking confidence

- launching new, innovative products

- fundamentals reinforcement

- erosion of price sensitivity

12. Negative implications of economic growth on national economy:

- too much business optimism

- the probable build-up of inefficiencies in business

- breeding a more complacent culture

13. The business cycleortrade cycle is the periodic but irregular up-and-down movements in economic activity. It is measured by fluctuations in real GDP and other macroeconomic variables such as employment, industrial productivity, and interest rates. The main periods of a business cycle are: a peak, a contraction, a trough, an expansion.

15 . Peak is the phase of the business cycle in which real GDP reaches its maximum after rising during a recovery.

16 Recession is a downturn in the business cycle during which real GDP declines.

17.Recovery is an upturn in the business cycle during which real GDP rises; also called an expansion.

18.Trough is the phase of the business cycle in which real GDP reaches its minimum after falling during a recession.

19. Unemployment is the number of adult workers who are not employed and are seeking jobs.

20. The labour force is the total number of employed and unemployed workers. The unemployment rate is unemployment expressed as a percentage of the labour force.

21. Economic costs of unemployment:

-loss of output and the loss of income

- loss of tax revenue

- an increase in government expenditure

22. Personal costs of unemployment:

- lowering the value of a person’s human capital

- an increase in the amount of crime

- loss of self-esteem that is human dignity

23. Cyclical unemployment is unemployment caused by the lack of jobs during a recession.

24. Frictional unemployment is unemployment caused by the normal search time required by workers with marketable skills who are changing jobs, initially entering the labour force, re-entering the labour force, or seasonally unemployed.

25. Structural unemployment is unemployment caused by a mismatch of the skills required for existing job opportunities.

26.Full employment is the situation in which an economy operates at an unemployment rate equal to the sum of the frictional and structural unemployment rates.

27. Inflationis a situation in which a decline in the purchasing power of money results in a rise of the general price level.

28. Deflation is a decrease in the general level of prices.

29. Disinflation is a reduction in the inflation rate.

30. Hyperinflationis an extremely rapid rise in the general price level.

31. Price stability is the boundary between inflation and deflation.

32. A price index measures the average level of prices in one period as a percentage of their average level in an earlier period called the base period.

33. Consumer price index (CPI) measures changes in the average prices of consumer goods and services.

34. The inflation rateis the percentage change in the price level.

35. Demand-pull inflation is a rise in the general price level resulting from an excess of total spending (demand).

36. Demand-pull inflation is usually associated with

- conditions of full employment;

- a situation when a country is trying to achieve an export surplus, in order, perhaps, to pay off some overseas debts;

- a situation when a country tries to increase its rate of economic growth;

- an expansion of government spending financed by borrowing from the banking system;

- inflationary expectations.

37. Cost-push inflation is an increase in the general price level resulting from an increase in the cost of production.

38. Sources of cost-push inflation are:

- supply shocks, such as widespread and severe crop failures, the sharp increases in the price of oil instituted by a cartel, etc.;

- the momentum of inflationary expectations generated by previous demand-pull inflation.

39. Nominal interest rate is the annual percentage amount of money that is earned on a sum loaned or disposed in a bank.

40.Real interest rate is the nominal interest rate adjusted for inflation. If real interest rates are negative, lenders incur losses.

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