Macro

Gross Domestic Product; The total value of all final goods and services produced within a country in a specific period (usually a year).

GDP measured at current market prices.

GDP adjusted for inflation using constant prices.

A price index that measures the change in prices of all domestically produced goods and services in an economy.

Real GDP = (Nominal GDP / GDP Deflator) x 100

A measure of average prices in one period relative to average prices in a base year.

Unemployment due to a mismatch between skills of workers and the jobs available (long-term).

Temporary unemployment as people transition between jobs.

Unemployment that fluctuates based on time of year.

Unemployment related to fluctuations in the business cycle (downturns).

Gross National Income; Measures the total value of income earned by a country's citizens or residents.

Factors that add to the circular flow of income (investment, exports, government spending).

Factors that remove money from the circular flow of income (savings, imports, tax).

A model showing the continuous flow of income and expenditure between households, firms, government, and the international sector.

A general increase in the prices of goods and services in an economy over a period of time.

Fluctuations in the economy's real GDP over time; periods of expansion and contraction.