Chapter 19 - Introduction to Macroeconomics

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Real GDP

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7 Terms

1

Real GDP

________ is the worth of final products and services after deducting changes due to inflation, which is a rise in the economy's average price level.

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2

Macroeconomics

________ is concerned with the economy's overall performance.

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3

national economy

The ________ is deserving of particular consideration.

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4

Blood flows

________ throughout the body, allowing cells to exchange oxygen and essential nutrients.

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5

National Bureau of Economic Research

The ________ (NBER) has been studying the US economy since 1854.

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6

GDP

gross domestic product or the market value of all final goods and services produced in the nation during a particular period, usually a year

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7

Gross world product

market value of all final goods and services produced in the world during a given period, usually a year

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