Terms : Hide Images
| 6165870309 | gross domestic product (GDP) | the total market value of final goods and services produced within an economy in a given year | 0 | |
| 6165870310 | intermediate goods | goods used in the production process that are not final goods and services | 1 | |
| 6165870311 | real GDP | a measure of GDP that controls for changes in prices | 2 | |
| 6165870312 | nominal GDP | the value of GDP in current dollars | 3 | |
| 6165870313 | transfer payments | payments from governments to individuals that do not correspond to the production of goods and services | 4 | |
| 6165870314 | net exports | exports minus imports | 5 | |
| 6165870315 | personal disposable income | personal income that households retain after paying income taxes | 6 | |
| 6165870316 | GDP deflator | an index that measures how the prices of goods and services included in GDP change over time | 7 | |
| 6165870319 | depression | the common name for a severe recession | 8 | |
| 6165870320 | Economics | Study of Scarcity | 9 | |
| 6165870321 | Scarcity | Unlimited wants/needs but limited resources | 10 | |
| 6165870323 | Opportunity Cost | Most desirable alternative, amount loss due to trade-off made | 11 | |
| 6165870324 | Consumer Goods | Direct Consumption | 12 | |
| 6165870325 | Capital Goods | Indirect Consumption | 13 | |
| 6165870326 | Physical Capital | Human made machine/tool used to produce goods/services | 14 | |
| 6165870327 | Human Capital | Skills/Knowledge gained by a laborer through experience/education | 15 | |
| 6165870328 | Command (centrally-planned) Economy | Government answers the 3 economic questions. | 16 | |
| 6165870329 | Free Market Economy (capitalism) | Individual consumers answer the 3 economic questions | 17 | |
| 6165870330 | Production Possibilities Curve/Frontier | model showing alternative ways to use scarce resouces | 18 | |
| 6165870331 | Productive Efficiency | Any point on the PPC | 19 | |
| 6165870332 | Allocative Efficiency | Optimal point on the PPC based off society's needs | 20 | |
| 6165870333 | Absolute Advantage | The producer who makes the most | 21 | |
| 6165870334 | Comparative Advantage | The producer with the lowest opportunity cost. | 22 | |
| 6165870335 | Four Factors of Production | Land, labor, capital, entrepreneurship | 23 | |
| 6165870336 | Resouces | Any good used to make another goods ( often- land, labor, capital) | 24 | |
| 6165870337 | Fiscal Policy | gov't trying to counter changes in aggregate expenditure with changes in purchases, transfer payments or taxes. | 25 | |
| 6165870338 | Expansionary Fiscal Policy | increasing gov purchases, increasing transfers, decreasing taxes to shift AD to the right boosting real GDP | 26 | |
| 6165870339 | Contractionary Fiscal Policy | decreasing purchases, decreasing transfers or increasing taxes shifting AD to the left, lowering PL and GDP | 27 | |
| 6165870340 | Tax Multiplier |  | 28 | |
| 6165870341 | Spending Multiplier |  | 29 | |
| 6165870342 | Crowding out | decrease in investment stemming from higher interest rate caused by government purchases or borrowing | 30 | |
| 6165870343 | Recessionary Gap |  | 31 | |
| 6165870344 | Inflationary Gap |  | 32 |
