University of Phoenix Material
Describe the following terms in your words.
Gross Domestic Product (GDP)
The net economic output of a geographical area.
Factors the inflation rate in a given year to create a more accurate picture of a county’s production level.
A measurement not adjusted for inflation.
The percentage of people looking for work, but have not found work.
The value of currency decreases as additional paper money is printed. Fiscal Policy
Defines the choices of government in relation to revenues and expenditures.
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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