Macro Chapter 6 Word Scramble
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| Term | Definition |
| gross domestic product (GDP) | the market value of all final goods and services produced within a country during a specific period |
| per capita GDP | GDP per person |
| inflation | the growth in the overall level of prices in an economy |
| real GDP | GDP adjusted for changes in prices |
| economic growth | the percentage change in real per capita GDP |
| recession | a short-term economic downturn |
| Great Recession | the U.S. recession lasting from December 2007 to June 2009 |
| business cycle | a short-run fluctuation in economic activity |
| economic expansion | a phase of the business cycle during which economic activity is increasing |
| economic contraction | a phase of the business cycle during which economic activity is decreasing |
| services | outputs that provide benefits without producing a tangible product |
| intermediate goods | goods that firms repackage or bundle with other goods for sale at a later stage |
| final goods | goods sold to final users |
| gross national product (GNP) | the output produced by workers and resources owned by residents of the nation |
| consumption | the purchase of final goods and services by households, excluding new housing |
| investment | (1) the process of using resources to create or buy new capital; (2) private spending on tools, plant, equipment, and inventory used to produce future output |
| government spending | spending by all levels of government on final goods and services |
| Net exports | are total exports of final goods and services minus total imports of final goods and services |
| nominal GDP | GDP measured in current prices and not adjusted for inflation |
| price level | an index of the average prices of goods and services throughout the economy |
| GDP deflator | a measure of the price level that is used to calculate real GDP |
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