TJC ECON CHALTER 6 QUESTIONS 100% ANSWERED  TJC ECON CHALTER 6 QUESTIONS 100% ANSWERED  

Gross Domestic Product (GDP) - ANSWERthe market value of all final goods and services produced within a country in a given period of time business cycle - ANSWERa short-run fluctuation in economic activity economic expansion - ANSWERa phase of the business cycle during which the economy is growing faster than usual economic contraction - ANSWERa phase of the business cycle during which economic activity is decreasing Services - ANSWEROutputs that provide benefits without producing a tangible product intermediate goods - ANSWERgoods that firms repackage or bundle with other goods for sale at a later stage final goods - ANSWERgoods sold to final users Nominal GDP - ANSWERGDP measured in current prices and not adjusted for inflation price level - ANSWERan index of the average prices of goods and services throughout the economy GDP deflator - ANSWERIs a measure of the price level use to calculate GDP per capita GDP - ANSWERGross Domestic Product per person Inflation - ANSWERthe growth in the overall level of prices in an economy Real GDP - ANSWERGDP adjusted for inflation (changes in price)