Economic Definitions Worksheet

Economic Definitions Worksheet

ECO 372 WEEK 1 Economic Definitions Worksheet Complete the Macroeconomic Terms Worksheet. Click the Assignment Files tab to submit your assignment. Define the following terms in your words.

Term	Definition	Definition Source
Gross Domestic Product (GDP)
Real GDP
Nominal GDP
Unemployment rate
Inflation rate
Fiscal Policy
Monetary Policy
Aggregate Demand (AD) Curve
Macroeconomics
Microeconomics
Circular Flow Model
Supply Curve
Demand Curve

Fiscal Policy Worksheet

ECO 372 WEEK 2 Fiscal Policy Worksheet

Complete the Fiscal Policy Worksheet.

Click the Assignment Files tab to submit your assignment.

Fill in the blanks from the list below:

Increasing

Decreasing

Increased

Decreased

Increases

Decreases

Fiscal policy

Monetary policy

Deficit

Surplus

Recession

Boom

The use of government spending and taxing by Congress in order to influence conditions in the

macroeconomy is called                    .  When government expenditures exceed net taxes, a budget                      exists.  When government expenditures are less than net taxes, a budget               exists.

Keynes recommended the use of expansionary fiscal policy when the economy experiences a

                        .  According to this analysis, the government can cause aggregate demand to shift to the right by __________ taxes or by ___________ government spending.  When aggregate demand increases, the economy’s equilibrium level of output _________ so there are more jobs and the rate of unemployment ___________.