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Microeconomic Terms

In: Business and Management

Submitted By Kiara2010
Words 557
Pages 3
Macroeconomic Terms

Describe the following terms in your words.

|Term |Definition |
|Gross Domestic Product (GDP) |Gross Domestic Product is the total market value|
| |for a country for the year based on all services|
| |and final goods. This will be equal to |
| |government spending and total consumer |
| |investment, minus the value of imports, but |
| |adding the value of exports. The GDP is a report|
| |that help us to understand the growth which is |
| |important to our economy, and this data is |
| |released quarterly on the last day of that |
| |quarter. (Illustration A Below). |
|Real GDP |Real GDP is the adjusted measure of inflation |
| |that shows the value of all services and all |
| |goods that have been produced by a country in a |
| |given year. Real GDP is also known as the |
| |“inflation corrected” measure, which is the same|
| |measure for a countries total output for all |
| |services and all goods that is adjusted based on|
|...

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