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8 Cards in this Set

  • Front
  • Back
the value of total output produced at full employment
full employment gdp
income not spent directly on domestic output but instead diverted from circular flow, for example, saving, imports, taxes
depreciation allowances and retained earnings
gross business saving
an addition of spending to the circular flow of income
the value of total output produced at marco equilibrium
equilibrium gdp
the amount by which equilibrium gdp falls short of full employment gdp
recesionary gdp gap
an increase in the price level initiated by excessive demand
demand pull inflation
the amount by which equilibrium gdp exceeds full employment gdp
inflationary gdp gap