GDP and Growth Review Macro

goods that last for a long time

• price level
• non durable
• durable
• contraction

gross domestic product measured in current prices

• gdp
• nominal gdp
• real gdp
• gnp

annual income earned by a nation’s firms and citizens 

• gdp
• gnp
• nnp
• ni

period of economic growth as measured by a rise in real GDP

• peak
• contraction
• trough
• expansion

gross domestic product expressed in constant, or unchanging, prices

• gdp
• nominal gdp
• real gdp
• personal income

process of increasing the amount of capital per worker

• lagging indicator
• capital deepening
• leading indicator
• saving

increase in efficiency gained by producing more output without using more inputs

• capital deepening
• technological progress
• saving
  aggregate supply
• expansion

total amount of goods and services in the economy available at all possible price levels

• aggregate supply
• aggregate demand
• leading indicators
• real gdp

the Great Depression demonstrated that 

• all business cycles correct themselves in time
• war causes recessions
• government intervention is the surest way to end recessions
• economies can face prolonged contractions

after you pay your taxes, the amount of money you have left is called 

• national income
• personal income
• disposable personal income
• aggregate income