A cause of the business Monetary factors cycle that depends on Available loan $$ ease/availability of loans Point in time when Peak real GDP stops Highest point of expanding and business cycle begins to decline How much the govt spends on the average person Govt spending per Per capital person; spending Can also be total divided by capita output’ ‘per population how much a person – produces for the country’, etc Tracks price changes over time and can be index Method of tracking used to remove the prices distortions of inflation from other statistics That part of the Private sector economy made up of Private businesses private individuals and businesses Like consumer Index used to measure price index, Producer price prices received by but only measures index domestic producers; domestic products formerly called the (stuff made in US), wholesale price index and not services A tax that imposes a higher percentage Progressive Tax rate goes up as rate of taxation on income goes up persons with higher incomes Tax in which percentage of income Tax rate stays the Proportional taxes paid in tax is the same, regardless of same regardless of income the level of income That part of the Public sector economy made up of Govt businesses the state, and federal govts Real GDP How much a country Constant dollar GDP made without inflation Real GDP per How long-term capita economic growth is Long-term growth measured Decline in real GDP Recession When economic growth lasting at least two is going down quarters or more Tax where Regressive tax percentage of income Tax rate goes down as paid in tax goes down income goes up as income rises
Monetary factors A cause of the business cycle that depends on ease/availability of loans Available loan $$ Peak Point in time when real GDP stops expanding and begins to decline Highest point of business cycle Per capital spending Govt spending per person; total divided by population How much the govt spends on the average person Can also be ‘per capita output’ – how much a person produces for the country’, etc index Tracks price changes over time and can be used to remove the distortions of inflation from other statistics Method of tracking prices Private sector That part of the economy made up of private individuals and businesses Private businesses Producer price index Index used to measure prices received by domestic producers; formerly called the wholesale price index Like consumer price index, but only measures domestic products (stuff made in US), and not services Progressive A tax that imposes a higher percentage rate of taxation on persons with higher incomes Tax rate goes up as income goes up Proportional taxes Tax in which percentage of income paid in tax is the same regardless of the level of income Tax rate stays the same, regardless of income Public sector That part of the economy made up of the state, and federal govts Govt businesses Real GDP Constant dollar GDP How much a country made without inflation Real GDP per capita How long-term economic growth is measured Long-term growth Recession Decline in real GDP lasting at least two quarters or more When economic growth is going down Regressive tax Tax where percentage of income paid in tax goes down as income rises Tax rate goes down as income goes up