GDP Flashcards
1
Q
GDP
A
monetary value of final goods and services produced in an economy, over a given time
2
Q
real
A
adjusted for inflation
3
Q
limitations
A
does not factor: well-being, pollution, childcare, illegal activity, voluntary work
4
Q
recession
A
two consecutive quarters of negative economic growth
5
Q
inflation
A
increase in the average price level in the economy
6
Q
effects of inflation
A
regressive effect on lower income families, decreased income of real wages, real interest rates will decrease
7
Q
surplus
A
where a country is exporting more goods than they are receiving imports
8
Q
deficit
A
where a country is importing more goods than they are exporting
