宏观经济学术语整理.xlsx

宏观经济学术语整理 Chapter 23 consumption spending by households on goods and services, with the exception of purchases of new housing GDP deflator a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 government purchases spending on goods and services by local, state, and federal governments gross domestic product (GDP) the market value of all final goods and services produced within a country in a given period of time investment spending on capital equipment, inventories, and structures, including household purchases of new housing macroeconomics the study of economy-wide phenomena, including inflation, unemployment, and economic growth microeconomics the study of how households and firms make decisions and how they interact in markets net exports spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) nominal GDP the production of goods and services valued at current prices real GDP the production of goods and services valued at constant prices Chapter 24 consumer price index (CPI) a measure of the overall cost of the goods and services bought by a typical consumer indexation the automatic correction by law or contract of a dollar amount for the effects of inflation inflation rate the percentage change in the price index from the preceding period nominal interest rate the interest rate as usually reported without a correction for the effects of inflation producer price index a measure of the cost of a basket of goods and services bought by firms real interest rate the interest rate corrected for the effects of inflation Chapter 25 catch-up effect the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich diminishing returns the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases human capital the knowledge and skills that workers acquire through educ