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21 Cards in this Set
- Front
- Back
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Gross domestic product (GDP) |
the market value of all final goods & services produced within a country during a specific period |
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Per capita GDP |
GDP per person |
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Inflation |
the growth in the overall level of prices in an economy |
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Real GDP |
the GDP adjusted for changes in prices |
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Economic growth |
measured as the percentage change in real per capita GDP |
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Recession |
a short-term economic downturn |
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Great Recession |
the US recession lasting from December 2007 to June 2009 |
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Business cycle |
a short-run fluctuation in economic activity |
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Economic expansion |
a phase of the business cycle during which the economy is growing faster than usual |
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Economic contraction |
a phase of the business cycle during which the economy is growing more slowly than usual |
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Service |
an output that provides benefits without the production of a tangible product |
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Intermediate good |
a good that firms repackage or bundle with other goods for sale at a later stage |
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Final good |
a good sold to final users |
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Gross national product (GNP) |
the output produced by workers & resources owned by residents of the nation |
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Consumption (C) |
the purchase of final gods & services by households, excluding new housing |
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Investment (I) |
a private spending on tools, plant, & equipment used to produce future output |
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Government spending (G) |
includes spending by all levels of government on final goods & services |
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Net exports (NX) |
exports minus imports of final goods & services |
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Nominal GDP |
GDP measured in current prices, & not adjusted for inflation |
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Price level |
an index of the average prices of goods & services throughout the economy |
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GDP deflator |
a measure of the price level that includes prices of the final goods & services included in GDP |
