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10.18.10 - 10.18.2010 An Introduction to Macroeconomics...

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10.18.2010 An Introduction to Macroeconomics Performance and Policy Real GDP (gross domestic product) – measures the value of final goods and services produced within the borders of a given country during a given period of time (typically a year) Corrects for price changes Tells us about changes in output More output means greater consumption possibilities Nominal GDP – totals the dollar value of all goods and services produced within the borders of a given country using their current prices during the year that they were produced Unemployment – state a person is in if they cannot get a job despite being willing to work and actively seeking work Undesirable because talents and skills wasted Loss of goods and services that could have been produced Inflation – increase in the overall level of prices Macroeconomic models clarify important questions about the powers and limits of government economic policy Can governments promote long-run economic growth?
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