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Chapter 12

TermDefinition
Macroeconomics The branch of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions.
Gross Domestic Product Dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period.
Intermediate Products Products that are components of other final products included in GDP; new tires and radios for use on new cars.
Real GDP A macroeconomic value of economic output adjusted for price changes.
GDP per capita A measure of a country's economic output that accounts for irs number of people.
Output-Expenditure Model ???
Created by: 3zimm
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