| A | B |
|---|
| GDP | Gross Domestic Product |
| GDP defined: | Total value of all final goods/services w/in a border. |
| Nominal GDP | measured in that years dollars. |
| Real GDP | GDP measured in unchanging dollars. |
| Per Capita GDP | GDP per person. |
| Per capita GDP is used when | comoparing GDP in 2+ different countries. |
| GNP defined: | total values of all goods/services produced by countries in 1yr. |
| Aggregate Demand | all goods/services that will be purchases by all consumers that yr. |
| aggregate supply | all goods/services that will be offered for sale in an economy. |
| 4 categories that shift Aggregate Demand curve: | change of consumer taste, income, expectations, & population. |
| 3 categories of events that shift Aggregate Supply: | change in number of sellers, profit per unit, & seller expectations. |
