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Econ Unit 5 Voc.
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| Term | Definition |
|---|---|
| the dollar value of all final goods and services produced within a country's borders in a given year | gross domestic product (GDP) |
| the total amount of goods and services in the economy available at all possible price levels. | aggregate supply |
| the amount of goods and services in the economy that will be purchased at all possible price levels. | aggregate demand |
| a period of macroeconomic expansion, or growth, followed by one of contraction, or decline. | business cycle |
| GDP expressed in constant, or unchanging, prices. | real GDP |
| GDP measured in current prices. | nominal GDP |
| frictional, structural, seasonal, cyclical unemployment | types of unemployment |
| a general increase in prices across an economy. | inflation |
| a sustained drop in the price level | deflation |
| a measurement that shows how the average price of a standard group of goods changes over time. | price index |
| a card entitling its owner to buy goods and services based on the owner’s promise to pay for those goods and services. | credit card |
| a card used to withdraw money from a bank account to purchase goods and services. | debit card |
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ssmith0515
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