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    233 Printing Flashcards of Macroeconomics)

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    cpears56
    The document defines several key macroeconomic terms: - Gross Domestic Product is the total value of goods and services produced within a country's borders in a year. Economic growth is an increase in total output that occurs when resources are acquired or existing resources are used more efficiently. - Unemployment includes those looking for work but without jobs, including structural unemployment from skills mismatches, frictional unemployment from job changes, and cyclical unemployment from economic downturns. - Inflation is a general rise in price levels, and stagflation refers to slow growth, high unemployment, and inflation occurring simultaneously.

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    233 Printing Flashcards of Macroeconomics)

    Uploaded by

    cpears56
    64 views4 pages
    The document defines several key macroeconomic terms: - Gross Domestic Product is the total value of goods and services produced within a country's borders in a year. Economic growth is an increase in total output that occurs when resources are acquired or existing resources are used more efficiently. - Unemployment includes those looking for work but without jobs, including structural unemployment from skills mismatches, frictional unemployment from job changes, and cyclical unemployment from economic downturns. - Inflation is a general rise in price levels, and stagflation refers to slow growth, high unemployment, and inflation occurring simultaneously.

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    Macroeconomics Flashcards

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    The document defines several key macroeconomic terms: - Gross Domestic Product is the total value of goods and services produced within a country's borders in a year. Economic growth is an increase in total output that occurs when resources are acquired or existing resources are used more efficiently. - Unemployment includes those looking for work but without jobs, including structural unemployment from skills mismatches, frictional unemployment from job changes, and cyclical unemployment from economic downturns. - Inflation is a general rise in price levels, and stagflation refers to slow growth, high unemployment, and inflation occurring simultaneously.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    64 views4 pages

    233 Printing Flashcards of Macroeconomics)

    Uploaded by

    cpears56
    The document defines several key macroeconomic terms: - Gross Domestic Product is the total value of goods and services produced within a country's borders in a year. Economic growth is an increase in total output that occurs when resources are acquired or existing resources are used more efficiently. - Unemployment includes those looking for work but without jobs, including structural unemployment from skills mismatches, frictional unemployment from job changes, and cyclical unemployment from economic downturns. - Inflation is a general rise in price levels, and stagflation refers to slow growth, high unemployment, and inflation occurring simultaneously.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    study of the economy as a whole

    (national, global)
    Gross Domestic
    Product
    the dollar amount of all final goods and services
    produced within a country's borders in a year.
    economic growth
    increase in the total output of an economy. occurs
    when a society acquires new resources or when it
    learns to produce more using existing resources
    people looking for work, but who
    are without jobs.
    Consumer Price Index
    measure of change in price over time of a specific
    group of goods and services used by average
    household
    Quizlet Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/
    1 of 4 2/28/2011 10:16 PM
    a rise in the general level of prices.
    a period of slow economic growth and high
    unemployment, while prices rise (inflation)
    aggregate supply
    total supply or output of goods and
    services in an economy
    aggregate demand
    total demand for goods and services
    in an economy
    Quizlet Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/
    2 of 4 2/28/2011 10:16 PM
    structural
    unemployment
    umemployment that occurs when workers' skills do
    not match the jobs that are available
    frictional
    unemployment
    unemployment caused by people
    changing jobs
    cyclical unemployment
    This refers to those persons that have become
    unemployed due to a downturn in the business cycle.
    The movement of the economy from one condition to
    another and back again (shows ups and downs of the
    economy)
    Two or more consecutive quarters of
    decline in GDP
    Quizlet Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/
    3 of 4 2/28/2011 10:16 PM
    a severe, continued downturn in the economy where
    sales and prices drop, manufactoring decreses,
    businesses close, banks fail, and people lose their
    jobs.
    money that is owed to someone
    spending is greater than the revenue
    a nation's exports minus the value of its imports;
    also called trade balance
    Quizlet Printing flashcards of Macroeconomics http://quizlet.com/634165/flashcards/
    4 of 4 2/28/2011 10:16 PM

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