What is GDP
Inflation
A general rise in the price level of an economy
GDP
Currency value of all final goods and services produced within a country's borders
GDP per capita
Currency value of all final goods and services produced within a country's borders divided by the population
Real GDP
Currency value of all final goods and services produced within a country's borders minus the effects of inflation
Net exports
Dollar value of all goods and services produced in the United States and shipped to other countries
Investment
Dollar value of all goods and services purchased by business for the purpose of using in their business
Consumption
Dollar value of all goods and services purchased by households
Government spending
Dollar value of all goods and services purchased by the various agencies of the United States.
Imports
Goods and services produced in other countries, then brought to the United States in exchange for currency
Exports
Goods and services produced in the United States, then sent to other countries in exchange for currency
Standard of living
Intangible concept that seeks to represent a country's level of economic prosperity. Correlates with GDP growth
Aggregate Demand
The amount of goods and services ALL buyers in the economy are willing/able to buy at all the possible price levels
Aggerate supply
The amount of goods and services ALL companies are willing to produce at ALL possible price levels