Term
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Definition
| The study of how households & firms make decisions & how they interact in markets. |
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Term
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Definition
| The study of economy-wide phenomena, including inflation, unemployment, & economic growth. |
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Term
| Gross Domestic Product (GDP) |
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Definition
| The market value of all final goods & services produced within a country in a given period of time. |
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Term
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Definition
| Spending by households on goods & services, with the exception of purchases of new housing. |
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Term
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Definition
| Spending on capital equipment, inventories, & structures, including household purchases of new housing. |
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Term
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Definition
| Spending on goods & services by local, state, & federal governments. |
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Term
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Definition
| Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports). |
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Term
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Definition
| The production of goods & services valued at current prices. |
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Term
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Definition
| The production of goods & services valued at constant prices. |
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Term
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Definition
| A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100. |
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