Econ 204 1 csu Study guides, Class notes & Summaries

GDP - Total market value for all goods and services produced within a nation's borders in a given time period. Per Capita GDP - Nation's total output divided by its total population. Economic Growth - Increase in output (real GDP); expansion of production possibilities. Price Stability - How stable prices are. Mix of Output - Always include both goods and services. Changing Mix of Output - Used to be all goods less services. Now its all services and less goods. Factors of Production - R...