Macroeconomics

Gross Domestic Product

GDP The sum total of the value of all the goods and services produced in a nation

Real GDP

GDP adjusted for inflation

Market basket

representative selection of goods and services used to compile a price index

aggregate demand

the amount of goods and services in the economy that will be purchased at all possible price levels

Real GDP

the production of goods and services valued at constant prices

Macroeconomics

the study of economy-wide phenomena, including inflation, unemployment, and economic growth

aggregate supply

the total amount of goods and services in the economy available at all possible price levels

structural unemployment

unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

inflation

A general and progressive increase in prices

stagflation

A period of falling output and rising prices

per capita GDP

Gross Domestic Product per person

fictional unemployment

People who voluntarily leave their job. Or they are looking for a new job.