Macroeconomics Vocabulary

Something that makes people want to produce more goods and services

• Incentives 
• Macroeconomics
• Inflation
• GDP

The study of the economy as a whole and how major sectors of the economy interact. 

• Incentives
• Inflation
• Unemployed
• Macroeconomics

A rise in the overall price level

• GDP
• Market Basket
• Aggregate Supply
• Inflation

Total market value of all final goods and services produced in the economy during a given year

• Unemployed
• Price Level
• Nominal GDP
• GDP

The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year

• Real GDP
• Nominal GDP
• Real GDP per Capita
• GDP

Real GDP divided by population size

• GDP
• Real GDP
• Real GDP per Capita
• Nominal GDP

Total value of all final goods and services produced in the economy during a given year, calculated with the prices current in the year in which the output is produced

• GDP
• Nominal GDP
• Real GDP
• Real GDP per Capita

People who are actively looking for a job but aren't employed

• Underemployed
• Labor Force
• Unemployed 
• CPI

Equal to the sum of the employed + unemployed

• Underemployed workers
• CPI
• Market Basket
• Labor Force

Defined as the percentage of the total number of people in the labor force who are unemployed

• Underemployment Rate
• Inflation Rate
• CPI
• Aggregate Supply