ECO/372 Week 1 Macroeconomic Terms

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Macroeconomic Terms

 

 

Describe the following terms in your words.

 

 

Term

Definition

Gross Domestic Product (GDP)

 

 

Real GDP

 

 

Nominal GDP

 

 

Unemployment rate

 

 

Inflation rate

 

 

Fiscal Policy

 

 

Monetary Policy

 

 

Aggregate Demand (AD) Curve

 

 

 

 

 

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