Unit 5 Flashcards
(6 cards)
1
Q
Macroeconomics
A
The study of economics that focuses on the entire economics system as a whole.
2
Q
Aggregate Demand
A
The relationship between the total quantity of goods and services demanded and the price level.
3
Q
Aggregate Supply
A
the relationship between output produced in the price level.
4
Q
Gross Domestic Product (GDP)
A
the total value of all final goods and services produced within the country during the year.
5
Q
Personal Consumption
A
Personal money value of goods and services purchased by households.
6
Q
Government Sector Spending
A
Spending by federal state and local governments in the production of goods and services.
