Macro Chapter 6
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| gross domestic product (GDP) | the market value of all final goods and services produced within a country during a specific period
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| per capita GDP | GDP per person
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| inflation | the growth in the overall level of prices in an economy
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| real GDP | GDP adjusted for changes in prices
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| economic growth | the percentage change in real per capita GDP
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| recession | a short-term economic downturn
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| Great Recession | the U.S. recession lasting from December 2007 to June 2009
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| business cycle | a short-run fluctuation in economic activity
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| economic expansion | a phase of the business cycle during which economic activity is increasing
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| economic contraction | a phase of the business cycle during which economic activity is decreasing
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| services | outputs that provide benefits without producing a tangible product
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| intermediate goods | goods that firms repackage or bundle with other goods for sale at a later stage
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| final goods | goods sold to final users
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| gross national product (GNP) | the output produced by workers and resources owned by residents of the nation
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| consumption | the purchase of final goods and services by households, excluding new housing
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| 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
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| government spending | spending by all levels of government on final goods and services
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| Net exports | are total exports of final goods and services minus total imports of final goods and services
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| nominal GDP | GDP measured in current prices and not adjusted for inflation
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| price level | an index of the average prices of goods and services throughout the economy
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| GDP deflator | a measure of the price level that is used to calculate real GDP
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