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14 Cards in this Set
- Front
- Back
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Economic growth |
The economy produces more goods and services from one year to the next, measure in GDP |
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GDP |
Gross Domestic Product- the total of all production in the economy |
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Real GDP |
Growth Adjusted for inflation |
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Nominal GDP |
Growth not adjusted for inflation |
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Une |
Economic output / total population |
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GNI |
Gross National Income- GDP + income and profits that residents receive from abroad |
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Unemployment |
When people are seeking work but can not find any |
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Underemployment |
When people would like to work more hours than they currently are |
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Inflation |
Increase in price level |
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Deflation |
Decrease in price level |
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Disinflation |
Inflation but at a slower rate than previously |
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Balance of payments |
Record of the payments between one country and the rest of the world |
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Three elements of the balance of payments |
-current account -financial account -capital account |
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4 + 3 macroeconomic objectives |
-steady and sustainable economic growth -low level of unemployment -low and stable inflation -surplus on the current account of the balance of payments
-environment protection -greater income equality -balanced government budget |
