Gross Domestic Product (GDP) Definition GDP stands for Gross Domestic Product, and the GDP of a country is the total value of all final goods
Seasonal Unemployment Definition The concept of seasonal unemployment describes a situation when workers experience unemployment at certain times of the year when the demand has
Inflationary Gap Definition Otherwise known as an expansionary gap, an inflationary gap is the gap between an economy’s full-employment real GDP and its real GDP.
Discretionary Fiscal Policy Definition Discretionary fiscal policy refers to government policy that alters government spending or taxes. Its purpose is to expand or shrink the
Supply Side Economics Definition Supply Side Economics involves policies aimed at increasing aggregate supply (AS), a shift from left to right. They are based on
Nominal Interest Rate Definition The nominal interest rate is the interest rate that has not yet had inflation accounted for in the overall number. This