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Exit - Economics

Macroeconomics

TermDefinition
Gross Domestic Product (GDP) Total market value of all goods/services produced in a country. Inflation
Unemployment Rate Percentage of labor force without jobs but seeking work.
Fiscal Policy Government spending and taxation to influence economy.
Monetary Policy Central bank actions to control money supply and interest rates.
Real vs Nominal GDP Real GDP adjusts for inflation; nominal does not.
Business Cycle Fluctuations of economic activity: expansion and contraction.
Aggregate Demand Total spending in an economy at different price levels.
Aggregate Supply Total output firms will produce at different price levels.
Recession Period of negative economic growth.
Comparative Advantage Ability to produce at lower opportunity cost.
Trade Surplus Exports exceed imports.
Trade Deficit Imports exceed exports.
Savings vs Investment Savings is deferred consumption; investment uses savings to produce goods.
Created by: tahjzha
 

 



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