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 MINUS the value of the goods and services imported from 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

Aggregate Supply

The amount of goods and services ALL companies are willing to produce at ALL possible price levels