Macroeconomics
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8 Terms
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macro
greek for big
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macroeconomics
the study of how national economies deal with limited resources
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GDP
Gross Domestic Product; total production in a home country
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gross
total
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domestic
in a home country
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product
production, everything that gets made and sold
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“grey” economy
part of the economy that is more informal, not accounted for in GDP. ex. waiters’ tips
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“black market”
illegal transactions
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