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Define the following concepts: a. Potential Output b. Recessionary Gap c. Inflationary Gap d. Recession e. Employment f. Labour force g. Unemployment rate h. Frictional

Define the following concepts: a. Potential Output b. Recessionary Gap c. Inflationary Gap d. Recession e. Employment f. Labour force g. Unemployment rate h. Frictional Unemployment i. Structural Unemployment j. Cyclical Unemployment k. Labour productivity l. CPI m. The price level n. Inflation o. Interest rate p. Real interest rate q. Exchange rate r. Depreciation s. Appreciation t. Value added u. GDP v. Capital stock w. Investment Expenditures x. GNP y. Disposable Personal Income z. GDP deflator aa. Autonomous aggregate expenditures bb. Induced aggregate expenditures cc. Consumption function dd. Aggregate expenditure function ee. Average propensity to consume ff. Marginal propensity to consume gg. Average propensity to save hh. Marginal propensity to save ii. Marginal propensity to spend jj. Simple multiplier kk. Fiscal policy ll. Budget surplus mm. Stabilization policy nn. Aggregate demand curve oo. Aggregate supply curve pp. Unit cost of production qq. Aggregate supply shock rr. Aggregate demand shock ss. Phillips curve tt. Economic growth uu. Opportunity cost of economic growth vv. Medium of exchange ww. Gresham's Law xx. Fiat money yy. Deposit money zz. Reserve ratio aaa. Target reserve ratio bbb. Excess reserves ccc. Money supply ddd. M2 eee. IOUs fff. Present value ggg. Bond price hhh. Bond yields

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