Chapter 12 Vocab Flashcard

Front

Branch of economics dealing with the government as a whole

Back

Macroeconomics

Front

National output

Back

Gross Domestic Product (GDP)

Front

Goods used to make other products already counted in GDP

Back

Intermediate products

Front

Sales of used goods

Back

Secondhand sales

Front

Activities that do not generate market expenditures

Back

Non-market transactions

Front

Economic activities not reported for legal or tax purposes

Back

Underground Economy

Front

Serves as the basis of comparison for all other years.

Back

Base year

Front

GDP adjusted for inflation

Back

Real GDP

Front

Output measured using prices from the same year

Back

Current GDP

Front

Output per person

Back

GDP per Capita