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Macroeconomics
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The study of all economic activity in a nation in aggregate.
Example: the study of all measurable activities in which individuals, government and firms satisfy their wants and needs in the nation of China.
Example: the study of all measurable activities in which individuals, government and firms satisfy their wants and needs in the nation of China.
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Gross Domestic Product
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A measure of the total productive output of an economy based on expenditure, income or output.
Example: the GDP of China in 2014 was $USD 10.35 trillion.
Example: the GDP of China in 2014 was $USD 10.35 trillion.
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GDP (Nominal)
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A monetary measure of goods and services produced, valued at constant prices, in a given time period. (Usually a year).
Example: in 2010, Malaysia's GDP (Nominal) was $237.8 billion.
Example: in 2010, Malaysia's GDP (Nominal) was $237.8 billion.
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GNI (Gross National Income)
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The total output of a nation and foreign output owned by the people of that certain country. Calculated by adding GDP and income from abroad, minus the income sent abroad.
Example: In 2014 the GNI of Colombia was $380 Billion
Sam
Example: In 2014 the GNI of Colombia was $380 Billion
Sam
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GDP growth rate
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The measure to find out the rate at which the GDP of a country is growing/expanding
example: the growth rate for China from 2014-2015 was by 6.9%
example: the growth rate for China from 2014-2015 was by 6.9%
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Real GDP- Lucinda
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measures of total productive output that have eliminated the influence of changes in prices. It is calculated by: GDP-increases in price level
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Recession
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If contraction is greater than 6 months then recession will occur.
Example: Japan and the United States are two of the first nations who suffered from the recession of the early 1980s. Xenia
Example: Japan and the United States are two of the first nations who suffered from the recession of the early 1980s. Xenia
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Population growth
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If increase in GDP total are larger than changes in population then GDP per capita should increase
Example: If GDP increased 2 million and population increased by a small quantity, the GDP per capita will increase. Xenia
Example: If GDP increased 2 million and population increased by a small quantity, the GDP per capita will increase. Xenia
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Long Run (Macroeconomics)
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The period of time when the prices of all resources, including the price of labor (wages), are flexible and change along with changes in the price level. Xenia
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Short Run (Macroeconomics)
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The period of time when prices of resources are roughly constant or inflexible. Xenia
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Business Cycle
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Fluctuations in the growth of real output, consisting of alternating period of expansion (increasing real output) and contraction (decreasing real output). Nirvaan
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Green GDP
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A measure of GDP that accounts for environmental destruction. Nirvaan
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expenditure approach
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The expenditure approach adds up all spending to buy final goods and services produced within a country over a time period (Steve)
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Nominal values
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Nominal values is money value, or value measured in terms of prices that prevail at the time of measurement. (Steve)
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Inflation
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A sustained increase in the general price level of goods and services in an economy over a period of time. When the price level rises, each unit of currency buys fewer goods and services. (Kevin)
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Deflation
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The opposite of inflation, Deflation is a general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. (Kevin)
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Disinflation
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Disinflation is a decrease in the rate of inflation. A slowdown in the rate of increase of the general price level of goods and services in a nation's GDP over time. (Steve)
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Consumer price index
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Consumer price index is a measure of the cost of living for the typical household, and compares the value of a basket of good and services in one year with the value of the same basket in a base year.(Steve)
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