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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 economy wide phenomena, including inflation, unemployment, and economic growth |
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Gross domestic product (GDP) |
The market value of all 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, territorial, provincial, and federal governments |
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Net exports |
The value of a nation's exports minus the value of its imports; also called the trade balance |
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Nominal GDP |
The production of goods and services valued at current prices |
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Real GDP |
The production of goods and services valued at constant prices |
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GDP deflator |
A measure of the price level calculated as the ratio of nominal GDP to real GDP x 100 |
