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Macro Theory
Econ
8
Economics
Undergraduate 3
10/14/2009

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Term
GDP
Definition
Gross Domestic Product- value of all currently produced FINAL goods and services within an economy
Term
Convert Nominal GDP into Real GDP
Definition
Real = nominal/(price index/100)
Term
total production = total expenditure
Definition
whatever that's unsold is said to be purchased by the producers
Term
GDP components
Definition
C+I+G+NX
Term
Production function
Definition
graph, table or equation that shows: MAXIMUM amount of output a firm can produce from a given set of inputs and technology
Term
APL
Definition
Y/L
Term
APK
Definition
Y/K
Term
shift factors of MPL and production function
Definition
A and K
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