GDP: The total market value of all final goods and services produced in a country in a given year.
GNP: The total value of all final goods and services produced within a nation in a particular year, including income earned by its citizens and minus the income earned by non-citizens.
Aggregate demand: The total demand of all final goods and services at a given time and at a price level.
Aggregate supply: The total supply of goods and services that firms are willing to sell at a given price in an economy.
Business (trade) cycle: A long term pattern of alternating periods of economic growth (recovery) and decline(recession).
Circular flow of income: Indicates how money moves throughout an economy between businesses and consumers.
Consumption: Using a good or service until it has no remaining value.
Cost-push inflation: Persistently rising general prices level rising due to rising input costs such as increasing wages, increasing corporate taxes and imported inflation.
Crowding out: When the government are borrowing too heavily while businesses and consumers also want to borrow.
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