Macroeconomics Review

It is the study of the nations economy as a whole.

• Microeconomics

• National economy

• National output

• Macroeconomics

The total value of all final goods and services produced in a country in a given year.

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment

A general increase in prices across an economy.

• Gross Domestic Product

• Consumer Price Index

• Unemployment

• Inflation

It shows the cycle of goods and services in an economy.

• Circular flow of goods

• Circular flow of money

• Circular flow of the economy

• Circular flow of resources

It is the total market value of all the final goods and services in a given period of time by the country's citizens.

• Gross National Product

• Gross Domestic Product

• Consumer Price Index

• Market Basket of Goods

It is the measure of national output that adjusts GNP to account for price changes.

• nominal GNP

• potential GNP

• real GNP

• actual GNP

In terms of resources, what do households provide for businesses?

• loans
• savings
• labor
• private goods

In terms of products, what do businesses provide for households?

• private goods
• public goods
• sales
• income

In terms of resources, what do businesses provide for households?

• income
• sales
• taxes
• private goods

In terms of products, what do households provide for businesses?

• sales
• taxes
• private goods
• savings