曼昆宏观经济学(英文版)名词解释.docVIP

GDP is the market value of final goods and services produced within a country in a given period of time. Consumption is spending by households n goods and services, with the exception of purchased of new housing. Investment is spending on capital equipment inventories, and structures, including household purchases of new housing. Government purchases are spending on goods and services by local, state, ad federal government. Net export is spending on domestically produced goods by foreigners exports minus spending on foreign goods by domestic residents imports Nominal GDP is the production of goods and services valued at current prices. Real GDP is the production of goods and services valued at constant prices. GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100. CPI is measure of the overall cost of the goods and services bought by a typical consumer. Inflation rate is the percentage change in the price index from the preceding period. Producer price index PPI is a measure of the cost of a basket of goods and services bought by firms. Nominal interest rate is the interest rate as usually reported without a correction of the effects of inflation. Real interest rate is the interest rate corrected for the effects of inflation. Productivity is the amount of goods and services produced from each hour of a worker’s time. Physical capital is the stock of equipment and structures that are used to produce goods and services. Human capital is the knowledge and skills that workers acquire through education, training, and experience. Natural resources are the inputs into the production of goods and services that are provided by nature. Technological knowledge is society’s understanding of the bes ways to produce goods and services. Diminishing returns are the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases. Catch-up effect is the property whereby continues tha