Term
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Definition
The study of how firm and households
make decisions and how they interact in markets |
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Term
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Definition
| The study of economy-wide phenomena, including inflation, unemployment, and economic growth |
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Term
| Gross Domestic Product (GDP) |
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Definition
| The market value of all final goods and services produced within a country in a given peroid of time |
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Term
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Definition
| Spending by households on goods and services, with the exception of purchases of new housing |
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Term
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Definition
| Spending on capital equipment, inventories, and structures, including household purchases of new housing |
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Term
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Definition
| Spending on goods and services by local, state, and 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 and services valued at current prices |
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Term
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Definition
| The production of goods and 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
Nominal GPD
______________ X 100
Real GDP |
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