Macroeconomic Terms

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University of Phoenix Material

Macroeconomic Terms

Define the following terms in your words.

|Term |Definition |Definition Source |
|Gross Domestic |Gross Domestic Product | |
|Product (GDP) |(GDP) is a way to measure| |
| |how well a nation’s |Goss Domestic Product - GDP |
| |economy is doing. This is| |
| |the value of money after | |
| |the goods and services | |
| |are calculated during a | |
| |certain time. | |
|Real GDP |Real GDP is the whole | |
| |economical way to | |
| |determine the value of |Nominal GDP vs. Real GDP |
| |the economy after it has |…...

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