Macroeconomic Terms Describe the following terms in your words. TermDefinitionGross Domestic Product (GDP)The total amount of value of a good that was produced and services provided during a years time in a country. Real GDPThe macroeconomic measure of value of economic output adjusted for price changes. It transforms the money value measures and nominal gross domestic product for the quality of input. Nominal GDPThe changes in the market prices that have occurred during the year due to inflations and deflations. Unemployment rateThe percentage of people unemployed and looking for paid work. Inflation rateThe rate in which the level of prices for goods and services are rising in the economy for a period of time. Fiscal PolicyThe means that the government adjusts the spending levels and tax rates that monitor and are an influence to the nations economy. Monetary PolicyThis is how the government monitors and controls the economy, it regulates the money supply and interest rates through the central bank. Aggregate Demand (AD) CurveThe total amount of goods and services that are demanded in the economy at a given overall price level and in a given time period. The Aggregate Demand Curve is the relationship between the prices and the quanity that firms are willing to provide. Macroeconomic Terms ECO/372 Version 5 PAGE MERGEFORMAT 1 Copyright XXXX by University of Phoenix. All rights reserved. Title ABC/123 Version X PAGE MERGEFORMAT 1 Copyright XXXX by University of Phoenix. All rights reserved. Y, dXiJ(x( I_TS 1EZBmU/xYy5g/GMGeD3Vqq8K)fw9 xrxwrTZaGy8IjbRcXI u3KGnD1NIBs
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