ECO/372 - Week 1 Macroeconomic Terms

1. Macroeconomic Terms
ECO/372 Version 6
1
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Macroeconomic Terms
Describe the following terms in your words. 4.00
Term Definition
Gross Domestic Product (GDP) In dollar value it binds the world
overall health regarding the
economy, it also fulfill the goods
and services of what the country
produces. in a one-year period.
Real GDP When macroeconomic do
business with economic extent of
economy, the prices adapt to the
alternation in inflaction that has
taken place which brings about
Real GDP.
Nominal GDP During the cutting-edge or the
existing time frame of the market
value, the judgement of Nominal
GDP takes place.
Unemployment rate A group of individual who can
work, but aren’t working due to
today’s economy.
Inflation rate Inflation rate causes an increase
in the Market value, which causes
prices to fluctuate in certain
period of time frame.
Fiscal Policy The government controlling
how taxation and government
spending take place by way
of (AD) Aggregate Demand.
Monetary Policy This take of act is when the
federal reserve controls and
show it’s power to how much
credit and money is made
accessible in the U.S
Aggregate Demand (AD) Curve This method has to do with the
different pricing levels of goods
and services demanded by the
economy.

2. Macroeconomic Terms
ECO/372 Version 6
2
Copyright © XXXX by University of Phoenix. All rights reserved.
Colander, D. C. (2013)