GDP

Question 1

GDP

Answer 1

The dollar value of all final goods and services produced in a country’s borders in a given year

Question 2

Final Goods

Answer 2

Any good or service that is sold and consumed as is

Question 3

Intermediate Goods

Answer 3

“Ingredients”

Question 4

Durable Goods

Answer 4

Can be used repeatedly

Question 5

Nondurable

Answer 5

Gets used up

Question 6

Aggregate Demand

Answer 6

Demand for all goods and services in an economy

Question 7

Aggregate supply

Answer 7

Supply of all goods and services in an economy

Question 8

Real GDP

Answer 8

Accounts for inflation by expressing GDP on unchanging prices

Question 9

Per Capita GDP

Answer 9

GDP per person

Question 10

Real per capital GDP

Answer 10

Accounts for population and inflation

Question 11

GDP Calculate

Answer 11

Consumer spending+capital investment+government spending+ exports- imports

Question 12

Business cycle

Answer 12

A period of macro economic expansion followed by contraction

Question 13

Expansion

Answer 13

GDP increases over time

Question 14

Peak

Answer 14

GDP stops increasing

Question 15

Contraction

Answer 15

GDP is decreasing over time

Question 16

Recession

Answer 16

GDP decreases for 6 months

Question 17

Depression

Answer 17

Especially longer recession

Question 18

Leading indicators

Answer 18

Economic variables used to predict changes in Business cycle

Question 19

Lagging indicators

Answer 19

Changes after GDP

- unemployment

Question 20

Economic Growth

Answer 20

An increase in real GDP per capita

Question 21

2 things cause economic growth

Answer 21

1. Technology

2. An increase in human or physical capital