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9 Cards in this Set
- Front
- Back
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real GDP (Gross Domestic Product)
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total value of all final goods and services produced in a particular year or period, adjusted to eliminate the effects of price changes
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nominal GDP aka gross domestic product
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total value of final goods and services for a particular period valued in terms of prices for that period
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business cycle
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economy's pattern of expansion, then contraction, then expansion again
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expansion
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sustained level in which real GDP is rising
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recession
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sustained period in which real GDP is falling
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peak
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point at which expansion ends and recession begins
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trough
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point at which recession ends and expansion begins
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a complete business cycle is defined by the passage of one peak to the _____
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next peak
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on average, real GDP of US rises ____ a year since 1960
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3%
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