0c3c8Circular flow and National income

0c3c8Circular flow and National income - GDP: Measuring...

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GDP: Measuring Total Production and Income
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2 Microeconomics The study of how households and businesses make choices, how they interact in markets, and how the government attempts to influence their choices. Macroeconomics The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth. Business cycle Alternating periods of economic expansion and economic recession.
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3 Expansion The period of a business cycle during which total production and total employment are increasing. Recession The period of a business cycle during which total production and total employment are decreasing. Economic growth The ability of an economy to produce increasing quantities of goods and services. Inflation rate The percentage increase in the price level from one year to the next.
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4 LEARNING OBJECTIVE 1 Measuring Total Production: Gross Domestic Product Gross domestic product (GDP) The market value of all final goods and services produced in a country during a period of time.
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0c3c8Circular flow and National income - GDP: Measuring...

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