Economics

University of Phoenix Material

Macroeconomic Terms

Define the following terms in your words.

|Term |Definition |Definition Source |

|Gross Domestic Product (GDP) | |Investopedia.com |

| |Monetary value of all goods and services | |

| |produced within a country. | |

|Real GDP | the value of the |bea.gov |

| |goods and services | |

| |produced by the | |

| |nation’s economy | |

| |less the value of | |

| |the goods and | |

| |services used up in | |

| |production, adjusted| |

| |for price changes . | |...