Macro

Front

What is a measure of our economy?

Back

Gross Domestic Product (GDP)

Front

What does the GDP measure?

Back

The total value of all goods and services produced over a specific time period within a country's borders.

Front

What type of GDP removes inflation?

Back

Real GDP

Front

What is the biggest component of GDP?

Back

Consumer spending

Front

What is a measure of inflation?

Back

Consumer Price Index

Front

What is the highest point of a business cycle?

Back

Peak

Front

What part of the business cycle does the GDP start to grow?

Back

Expansion

Front

What part of the business cycle does the GDP start to fall?

Back

Recession

Front

What kind of unemployment would a farmer fall under?

Back

Seasonal unemployment

Front

What kind of unemployment happens when a person is layed off during a recession?

Back

Cyclical Unemployment