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Inflation
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TermDefinition
Inflation is the sustained increase in the general price level of goods and services in an economy, resulting in a decrease in the purchasing power of money.
Unemployment to the number of people who are willing and able to work but cannot find employment, typically expressed as a percentage of the labor force.
Macroeconomics Is the study of the economy as a whole. Unemployment, inflation, and economic growth
Microeconomics The study of how households and firms make decisions and how they interact in markets.
Total income the sum of all earnings and payments received by individuals and businesses within an economy during a specific period, including wages, salaries, rents, and profits.
Total expenditure Total expenditure represents the sum of all spending on goods and services by households, businesses, and the government within an economy over a given time frame.
Gross domestic product Is the market value of all final goods and services produced within a country in a given period of time.
Intermediate production refers to the creation of goods or services that are used as inputs in the production of other goods or services, rather than being sold directly to consumers.
Final production represents the goods and services that are sold to end consumers and are not used as inputs in the production of other goods and services.
Gross national product the total value of all goods and services produced by a country's residents and businesses, both domestically and abroad, in a specific time period.
Depreciation the gradual decrease in the value of physical assets, such as machinery or buildings, over time due to wear and tear, obsolescence, or other factors.
Consumption Is spending by households on goods and services, The exception of purchases of new housing.
Investment Is the purchase of goods that will be used in the future to produce more goods and services. (Spending on capital equipment, inventories and structures, including household purchases of new housing.
Government purchases Include spending on goods and services by local, state, and federal governments.
Net exports Equal the purchases of domestically produced goods by foreigners (exports) minus the domestic purchases of forgien goods(imports).
Transfer payment are payments made by the government to individuals, households, or businesses for purposes such as welfare, social security, or subsidies, without receiving goods or services in return.
Real GDP Is the production of goods and services valued at constant prices
Nominal GDP Is the production of goods and services valued at current prices.
Base year is a reference year used in calculating economic indicators like inflation and real GDP, against which other years are compared to measure changes in prices and economic performance.
Recession a significant and sustained decline in an economy's overall economic activity, typically characterized by a decrease in GDP, rising unemployment, and reduced consumer and business spending.
GDP deflator A measure of the price level calculated as the ratio of nominal GPD / Real GPD x 100
Created by: Gurtaj
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