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10 cards from this deck
Annual % change in real GDP
Real adjusts for inflation; nominal does not
Aggregate supply/productive capacity
Aggregate demand/total spending
Total expenditure on goods & services in economy
AD=C+I+G+(X−M)AD = C + I + G + (X - M)AD=C+I+G+(X−M)
Total productive capacity or income in economy
Y=C+S+TY = C + S + TY=C+S+T
S+T+M=I+G+XS + T + M = I + G + XS+T+M=I+G+X (Leakages = Injections)
Economic growth increases (AD exceeds AS)
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