Variables that reflect peaks and troughs in economic activity as they occur; such as employment, industrial production, and personal income

A measure of inflation based on the cost of a fixed market basket of goods and services

Measuring the rate of unemployment is the job of the

The market value of all final goods and services produced in the world during a given period, usually a year

An index that adjusts the weights from year to year in calculating a price index, thereby getting rid of much of the bias caused by a fixed-price weighting system

Household purchases of final goods & services, except for new residences

A situation in which workers and employers fail to achieve an outcome that all would prefer

The interest rate charged in the federal funds market; the interest rate banks charge one another for overnight borrowing      

A situation in which workers and employers fail to achieve an outcome that all would prefer

A relationship showing, for a given price level, planned spending at each income, or real GDP; the total of C+I+G+(X-M) at each income, or real GDP