Macro Terms

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Macroeconomic Terms

Describe the following terms in your words.

|Term |Definition |
|Gross Domestic Product (GDP) |The total market value all the products and |
| |services availiable in a country in a given |
| |year, equal to total consumer, investment and |
| |government spending, plus the value of exports, |
| |minus the value of imports. |
|Real GDP |Real variable, the interest rate that effects of|
| |inflation have been factored in. Real Gross |
| |Domestic Product measures the values of the |
| |products and services that are involved in the |
| |company. |
|Nominal GDP |A nominal variable consists of the effects of |
| |inflation that has not been reviewed throught. |
| |The Nominal Gross Domestic Product measures the |
| |worth of all the goods and services at its |
| |current market prices. |
|Unemployment rate |Unemployment occurs when a person is laid from |
| |an employer or is seeking employment without |
|…...

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