Standard 5 National Economic Performance
Gross Domestic Product (GDP) ️️the market value of all final goods and services produced within a
nation in a given time period
Nominal GDP ️️the gross domestic product stated in terms of current value of goods and services
Real GDP ️️the...
Gross Domestic Product (GDP) ✔️✔️the market value of all final goods and services produced within a
nation in a given time period
Nominal GDP ✔️✔️the gross domestic product stated in terms of current value of goods and services
Real GDP ✔️✔️the gross domestic product corrected for changes in prices from year to year
Nonmarket Activities ✔️✔️services that have potential economic value but are performed without
charge
Underground Economy ✔️✔️market activities that go unreported because they are illegal or because
those involved want to avoid taxation
Business Cycle ✔️✔️the series of growing and shrinking periods of economic activity, measured by
increases or decreases in GDP
Economic Growth ✔️✔️an increase in a nation's real GDP
Recession ✔️✔️a prolonged economic contraction lasting two or more quarters (six months or more)
Depression ✔️✔️an extended period of high unemployment and reduced business activity
Stagflation ✔️✔️a period during which prices rise at the same time that there is a slowdown in
business activity
Real GDP per Capita ✔️✔️the real GDP divided by total population
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