Measuring a Nation's Income
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| microeconomics | the study of how households and firms make decisions and how they interact in markets
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| macroeconomics | the study of economy wide phenomena, including inflation, unemployment, and economic growth
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| gross domestic product (GDP) | the market value of all final goods and services produced within a country in a given period of time
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| consumption | spending by households on goods and services, with the exceptionnof purchases of new housing
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| investment | spending on capital equipment, inventories, and structures, including household purchases of new housing
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| government purchases | spending on goods and services by local, state, and federal governments
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| net exports | spending on domestically produced goods by foreigners(exports) minus spending on foreign goods by domestic residents (imports)
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| nominal GDP | the production of goods and services valued at current prices
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| real GDP | the production of goods and services valued at constant prices
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| GDP deflator | a measure of the price level calculated as the ration of normal GDP to real GDP times 100
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