Macroeconomics: GDP, Inflation & Policy

Subject: Social Studies  ·  Grade level: 12th

GDP, unemployment, inflation, and how monetary and fiscal policy work.

In this lesson

• GDP: the economy's scoreboard
• Unemployment & inflation
• Monetary vs fiscal policy

Key terms

Real GDP

GDP adjusted for inflation — true growth.

Nominal GDP

GDP in current dollars, not inflation-adjusted.

Recession

A significant decline in economic activity, usually 2+ quarters of falling GDP.

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