AP econ

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6 Terms

1
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GDP

total market value of all final goods and services produced in a country in a given time period

2
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GDP per capita

a country’s GDP divided by population

3
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GDP growth

country can produce more goods/services and/or inflation

4
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inflation

money loses value

5
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unemployment rate

the percentage of people in the labor force who are jobless, but actively seeking employment (unemployed/[unemployed+employed]) * 100

6
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full employment = natural rate of unemployment 

equals frictional + structural