Macroeconomics Vocab Flashcard

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Rules or laws affecting commerce

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regulations

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Govt payments to businesses.

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subsidies

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All, or everything

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Aggregate

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Measure of the value of all goods and services produced in an area over time.

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Gross Domestic Product (GDP)

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Measure of overall price changes over time.

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Inflation Rate

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Measure of people actively seeking work but without a job.

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Unemployment Rate

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Measure of GDP change year-to-year.

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GDP Annual Growth Rate

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Currency made from an item with another use, e.g., silk or corn.

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Commodity Money

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When precious metals like gold or silver are used as currency, it is called...

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Specie Money

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Currency based on agreement, not backed by a commodity (e.g., paper dollars).

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Fiat Money