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Unformatted text preview: household purchases of new housing. macroeconomics The study of economy-wide phenomena, including inflation, unemployment, and economic growth. microeconomics The study of how households and firms make decisions and how they interact in markets. net exports Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports). 9/17/10 4:20 AM Aplia Text Page 2 of 2 http://atext.aplia.com/controller/apliaText.aspx?isbn=0324590377&mod=411&ch=5 nominal GDP The production of goods and services valued at current prices. real GDP The production of goods and services valued at constant prices....
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- Fall '07