Chapter 19 - Introduction to Macroeconomics

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.

Macroeconomics

________ is concerned with the economy's overall performance.

national economy

The ________ is deserving of particular consideration.

Blood flows

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

National Bureau of Economic Research

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

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

Gross world product

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