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10 cards from this deck
Study of economic variables at aggregate/whole economy level
GDP based on current prices, not accounting for price changes
GDP volume estimate accounting for changing prices over time
Expansion in the productive capacity of the economy
Rate of growth of real GDP in a period
Total economic activity carried out in domestic economy
GDP plus net income from abroad
GDP fluctuates around underlying trend in regular pattern
100×New−OldOld100 \times \frac{\text{New} - \text{Old}}{\text{Old}}100×OldNew−Old
Smoothing seasonal fluctuations to reveal underlying trend
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