business cycle
an interval of expansion and contraction in the economy
constant price
price set to a specific "constant" to adjust for inflation when calculating GDP
consumer spending
total individual and household purchases of consumer goods and services
current price
price at the time of calculation when calculating GDP
export
good or service sold in other countries
GDP deflator
a number that represents the current prices of various goods and services versus their past prices of a given year
GDP per capita
a measure of the total output of a country divided by the number of people in the country
government spending
money spent by the government for various government programs
gross domestic product (GDP)
measurement of a country's total economic output
gross national product (GNP)
the market value of all the finished goods and services produced by a country's factors of production regardless of where the factors of production are located
import
good or service produced abroad and bought domestically
inflation
sustained increase in the general price level of commonly bought goods and services
intermediate good
good or service used in the production of other goods and services
investment spending
spending on business capital, residential capital, and inventories
net exports
the total value of a country's exports minus the value of the country's imports
nominal GDP
the total gross domestic product expressed in current year prices
real GDP
the total output of the economy adjusted for inflation
trade deficit
situation in which a nation imports more than it exports
trade surplus
situation in which a nation exports more than it imports