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Macroeconomic Terms

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Macroeconomic Terms

Define the following terms in your words.

Term Definition Definition Source

Gross Domestic Product (GDP) Statistics that are used to determine the market value of products and services produced by a country for a specific time. ("Gross Domestic Product ," 2015)

Real GDP The total amount of goods and services produced, adjusted for price-level changes. (p.555) (Colander, 2013)

Nominal GDP The amount of goods and services produced measured at current prices. (p.555) (Colander, 2013)

Unemployment rate Percentage of the total labor force that is unemployed but willing to work and actively seeking employment. ("Unemployment Rate," 2015)

Inflation rate The rate at which price of products and services rise. Purchasing power fall as inflation rises. ("Inflation Rate," 2015)

Fiscal Policy The means by which the government adjusts spending leves and tax rates to monitor and influence the national economy. (“Fiscal Policy,” 2015)

Monetary Policy The actions of a central bank, currency board or other regulatory committee that determines the size and rate of growth of the money supply, which impacts interest rates (“Monetary Policy,” 2015)

Aggregate Demand (AD) Curve The total level of demand that shows the total desired products or services by all groups in the national economy. ("Aggregate Demand (AD) Curve," 2015)

Macroeconomics

The study of economics involving phenomena that affects the entire economy, including inflation, price levels, economic growth and decline, inflation and the relationship between them. ("Study.com", 2015)

Microeconomics

The study of the behavior of individuals and businesses and how decisions are made based on the allocation of limited resources. ("Study.com", 2015)

Circular Flow Model

A model illustrating the flow of goods and services through the economy. (“Circular-Flow-Model” 2015)

Supply Curve

A graph of the relationship between the price of a good and the amount supplied at different prices. ("The Economist", 2015)

Demand Curve

A graph showing the relationship between the price of a good and the amount of demand for it at different prices ("The Economist", 2015)

References:

Aggregate Demand (AD) Curve. (2015). In BusinessDictionary.com. Retrieved

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