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5 Cards in this Set
- Front
- Back
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Gross domestic product (GDP)
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The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
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Gross National Product (GNP)
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oduct (GNP) is the value of all the goods and services produced in an economy, plus the value of the goods and services imported, less the goods and services exported.
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Inflation
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a general rising in the price level. Currency is worth less. Decrease Purchasing power.
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Business Cycle
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Cyclical Changes in Real GDP over time GRAPH
Peak,trough etc. |
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Recession
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Mild decrease in Real GDP (6 months) any longer is a depression.
Goods Decline (sales and demand) |
