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econ final definitions .docx

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Econ Final Definitions Chapter 5 MicroeconomicsThe study of how individuals and firms make decisions and interact within the marketMacroeconomicsThe economy wide phenomena including inflation economic growth and unemploymentStudies the economy as a wholeGoal is to explain the economic changes that affect many households firms and markets simultaneouslyGross Domestic ProductIs the market value of all final goods and services produced within a country in a given period of timeConsumptionSpending by households on goods and servicesgoods include household spending on durable goods such as cars and appliances and nondurable goods such as food and clothingservices include intangible items such as haircutshousehold spending on post secondary is also counted in consumption Investmentpurchase of goods that will be used in the future to produce more goods and servicesit is the sum of purchases of capital equipment inventories and structuresinvestment in structures includes expenditures on new housing Government Purchasesinclude spending on goods and services by local territorial provincial and federal governmentsit includes salaries of government workers and spending on public works Net Exportsequal the purchases of domestically produced goods by foreigners exports minus the domestic purchases of foreign goods importsReal GDP the production of goods and services valued at constant pricesNominal GDP
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