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10 Cards in this Set
- Front
- Back
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Microeconomics |
the study of how households and firms make decisions and how they interact in markets |
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macroeconomics |
the study of how economy-wide phenomena including inflation, unemployment, and economic growth |
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GDP (Gross domestic product) |
the market value of all the final goods and services produced within a country in a given period of time |
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Consumption |
spending by households on goods and services, with the exception of purchases of new housing. |
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investment |
spending on capital equipment, inventories, and structures, including household purchases of new housing |
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government purchases |
spending on goods and services by local, state, and federal governments. |
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net exports |
spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) |
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Nominal GDP |
the production of goods and services valued at current price |
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real GDP |
the production of goods and products valued at constant prices |
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GDP deflator |
a measure of the price level calculated as the ratio of nominal gap to real gap times 100 |
