Chapter 11
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Last updated 8:12 PM on 8/11/26
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8 Terms
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Macroeconomics
Study of the Nation's Economy as a whole
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Inflation
Sustained increases in the average prices of all goods and services
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Circular Flow Diagram
Production leads to income; income leads to production
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GDP
Total market value of final goods and services produced within an economy in a given year
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Three Parts of GDP
Total market value, final goods and services, in a given year
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Total market value
Sum of all quantities of goods times their respective prices
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Final goods and services
Sold to ultimate, or final, purchasers
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Intermediate goods
Goods used in the production process that are not final goods and services