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Essentials of Economics (Mankiw)- Chapter 15 Vocabulary
Measuring a Nation's Income
9
Economics
Graduate
01/29/2012

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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
gross domestic product (GDP)
Definition
The market value of all final goods and services produced within a country in a given period of time.
Term
consumption
Definition
Spensing 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
Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).
Term
nominal GDP
Definition
The production of goods and services valued at current prices.
Term
GDP deflator
Definition
A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.
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