Chapter 19 - Introduction to Macroeconomics
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7 Terms
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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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Macroeconomics
________ is concerned with the economy's overall performance.
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national economy
The ________ is deserving of particular consideration.
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Blood flows
________ throughout the body, allowing cells to exchange oxygen and essential nutrients.
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National Bureau of Economic Research
The ________ (NBER) has been studying the US economy since 1854.
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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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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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