Macrokeywords - Macroeconomics: is the branch of economics...

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Macroeconomics: is the branch of economics concerned with aggregate variables such as the levels of total economic activity, unemployment, inflation, the balance of payments, economic growth and development, the money supply, and the federal budget. Business Cycles: are alternating periods of expansion and contraction in economic activities. Economic growth and contraction. Production possibility: The alternative combinations of goods and services that could be produced in a given time period with all available resources and technology. Production possibility frontier (PPF): is a curve showing the various combinations of goods that an economy could produce, assuming a fixed technology and full employment and efficient resource utilization. Nominal GDP: is gross domestic product (GDP) measured in current prices. Real GDP: is a country’s gross domestic product (measure of all goods and services in the economy during a period) after adjusting for changes in the price level. Recession: is a relatively moderate version of a depression. The National Bureau of
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This note was uploaded on 04/27/2008 for the course ECONOMICS eco 6351 taught by Professor Veraadamchik during the Spring '08 term at University of Houston-Victoria.

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Macrokeywords - Macroeconomics: is the branch of economics...

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