TJC ECON: CHAPTER 6- MACROECONOMICS AND GROSS DOMESTIC PRODUCT EXAM 2025 QUESTIONS AND ANSWERS 100% CORRECT.

Gross Domestic Product (GDP) - ANSWERthe market value of all final goods and services produced within a country during a specific period per capita GDP - ANSWERGDP per person inflation - ANSWERthe growth in the overall level of prices ina n economy real GDP - ANSWERGDP adjusted for changes in prices investment - ANSWERprivate spending on the tools, plant, and equipment used to produce future output economic expansion - ANSWERa phase of the business cycle during which economic activity is increasing economic contraction - ANSWERa phase of the business cycle during which the economic activity is decreasing economic growth - ANSWERmeasured as the percentage change in real per capita GDP recession - ANSWERa short-term economic downturn Great Recession - ANSWERthe U.S. recession that lasted from December 2007 to June 2009