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