Gross Domestic Product.

Value of final goods and services produced in a given year expressed in terms of the prices in a reference base year.

A periodic and irregular movement of total production and other measures of economic activity (e.g. employment and income)

Full-time workers and part-time workers.

Something produced for its final user and will not be used as a component of something else.

Value of final goods and services produced in a given year expressed in terms of the prices in that same year.

A period where real GDP decreases for at least two successive quarters.

People who work part-time for economic reasons. (They want a full-time job but can't find it)

The expenditure by households on consumption goods and services.

The calculation of real GDP put out every 3 months by the Bureau of Economic Analysis.

Production of goods and services inside the home (e.g cooking, cleaning, studying, etc.) This is not included in GDP.

The purchase of new capital goods and additions to inventory.

The level of real GDP when all the economies factors of production are fully employed.

Production of goods and services illegally. This is omitted from GDP.

The discrepancy between the expenditure approach and the income approach.

real GDP divided by the population

A period in which real GDP increases.