ECN240 final

REAL GDP (REAL GROSS DOMESTIC PRODUCT):

Measures the value of final goods and services produced
within a country’s borders during a given time period

NOMINAL GDP

It is the total dollar value of all final goods and services
produced within the borders of a country.

INFLATION:

An increase in the overall level of prices.

Can cause decreases in standard of living.

T or F: UNEMPLOYMENT Occurs when a person cannot get a job despite being willing to work and actively seeking work.

True

False

Occurs when a person cannot get a job despite being
willing to work and actively seeking work.

refers to the purchasing of financial assets
(stocks, bonds, mutual funds) or real assets (houses, land, factories), or building such assets, in the expectation of financial gain.