EC) 372 Week 1 Macro Economic Terms

Topics: Monetary policy, Inflation, Money supply Pages: 1 (128 words) Published: November 26, 2014
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Macroeconomic Terms

Describe the following terms in your words.

Term
Definition
Gross Domestic Product (GDP)
The net economic output of a geographical area.

Real GDP
Factors the inflation rate in a given year to create a more accurate picture of a county’s production level.

Nominal GDP

A measurement not adjusted for inflation.
Unemployment rate
The percentage of people looking for work, but have not found work.

Inflation rate
The value of currency decreases as additional paper money is printed. Fiscal Policy
Defines the choices of government in relation to revenues and expenditures.

Monetary Policy
The choices of the Federal Reserve Bank on choices related to money supply.

Aggregate Demand (AD) Curve
The total demand for goods ina population on a specific price point.
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