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REAL GDP: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal GDP.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 4 of 16

Topic: The Goals <=PAGE BACK | PAGE NEXT=>

A modern, complex economy like the U.S. economy pursues three macro goals:
  • Full employment: Using all available resources for production.
  • Stability: Avoiding inflation and/or fluctuations in the economy.
  • Growth: Lessening the problem of scarcity by increasing production capabilities.
  • We always pursue these goals but conflicts mean we cannot reach them at the same time.
  • More conflicts result from pursuit of the micro goals of efficiency and equity.
  • Macroeconomic problems from not reaching this goals are: production, unemployment, and inflation.

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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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