Macroeconomics Vocabulary

Front

Something that makes people want to produce more goods and services

Back

Incentives

Front

The study of the economy as a whole and how major sectors of the economy interact.

Back

Macroeconomics

Front

A rise in the overall price level

Back

Inflation

Front

Total market value of all final goods and services produced in the economy during a given year

Back

GDP

Front

The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year

Back

Real GDP

Front

Real GDP divided by population size

Back

Real GDP per Capita

Front

Total value of all final goods and services produced in the economy during a given year, calculated with the prices current in the year in which the output is produced

Back

Nominal GDP

Front

People who are actively looking for a job but aren't employed

Back

Unemployed

Front

Equal to the sum of the employed + unemployed

Back

Labor Force

Front

Defined as the percentage of the total number of people in the labor force who are unemployed

Back

Unemployment Rate