Chapter 2 Notes Flashcards
1
Q
GDP
A
Total dollar value of all final goods and services
2
Q
What does a GDP help monitor?
A
It helps monitor output from producers from year to year
3
Q
Components of GDP
A
Consumer spending
Business Spending
Government
Exports
4
Q
Labor Force
A
People above the age of 16 who are actively working or seeking work
5
Q
Inflation
A
Increase in the general level of prices
6
Q
Deflation
A
Decrease in the general level of prices
7
Q
Interest rates
A
The cost of the money
