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Macro Chapter 6

TermDefinition
gross domestic product (GDP) the market value of all final goods and services produced within a country during a specific period
per capita GDP GDP per person
inflation the growth in the overall level of prices in an economy
real GDP GDP adjusted for changes in prices
economic growth the percentage change in real per capita GDP
recession a short-term economic downturn
Great Recession the U.S. recession lasting from December 2007 to June 2009
business cycle a short-run fluctuation in economic activity
economic expansion a phase of the business cycle during which economic activity is increasing
economic contraction a phase of the business cycle during which economic activity is decreasing
services outputs that provide benefits without producing a tangible product
intermediate goods goods that firms repackage or bundle with other goods for sale at a later stage
final goods goods sold to final users
gross national product (GNP) the output produced by workers and resources owned by residents of the nation
consumption the purchase of final goods and services by households, excluding new housing
investment (1) the process of using resources to create or buy new capital; (2) private spending on tools, plant, equipment, and inventory used to produce future output
government spending spending by all levels of government on final goods and services
Net exports are total exports of final goods and services minus total imports of final goods and services
nominal GDP GDP measured in current prices and not adjusted for inflation
price level an index of the average prices of goods and services throughout the economy
GDP deflator a measure of the price level that is used to calculate real GDP
Created by: v.virgil
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