Details

Title: Chapter 10

Description: Vocabulary

Total Flash Cards: 10

Created: 01/04/2011 07:30:19

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Additional Economics Flashcards

Cards in this set:

Term
Microeconomics
 Definition
The study of how households and firms make decisions and how they interact in markets
Term
Macroeconomics
 Definition
The study of economy-wide phenomena, including inflation, unemployment, and economic growth
Term
GDP
 Definition
The market value of all final good and services produced within a country in a given period of time
Term
Consumption
 Definition
Spending by households on goods and services, with the exception of purchases of new housing
Term
Investment
 Definition
Spending on capital equipment, inventories, and structures, including household purchases of new housing
Term
Government Purchases
 Definition
Spending on goods and services by local, state, and federal governments
Term
Net Exports
 Definition
= |Exports| - |Imports|
Term
Nominal GDP
 Definition
Production of goods and services valued at current prices
Term
Real GDP
 Definition
Production of goods and services valued at constant prices
Term
GDP Deflator
 Definition
Measure of price level: 100*|nGDP|/|rGDP|