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Macroeconomics — Key Concepts

Foundational terms for AP or intro college economics

E
econ_wonk_88 15 terms Feb 5, 2026
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Terms 15

1
GDP
Gross Domestic Product; total value of goods and services produced in a country in a year
2
Inflation
General rise in price levels over time; reduces purchasing power
3
Deflation
General decrease in price levels; can signal economic slowdown
4
Recession
Two or more consecutive quarters of negative GDP growth
5
Unemployment Rate
Percentage of labor force actively seeking but unable to find work
6
Fiscal Policy
Government use of spending and taxation to influence the economy
7
Monetary Policy
Central bank management of money supply and interest rates
8
Interest Rate
Cost of borrowing money; set by central banks to control inflation
9
Federal Reserve
Central bank of the United States
10
Supply and Demand
Economic model determining prices through buyer and seller interaction
11
Trade Deficit
When a country imports more than it exports
12
Trade Surplus
When a country exports more than it imports
13
National Debt
Total amount owed by a government from accumulated borrowing
14
Consumer Price Index
Measure of average change in prices paid by consumers over time
15
Opportunity Cost
Value of the next best alternative forgone when making a decision