Definition
M
M
acroeconomics
Gross Domestic Product (GDP)
The value of domestically produced goods and services in their final
forms, during a specific period of time, irrespective of the original sources
of production factors
.
Gross National Product (GNP)
The sum of GDP and net factor income from abroad
.
Balance of Payments
A summary of economic transactions transfers between residents
and nonresidents that take place during a specific time period.
Current Account
The net sum of trade in goods and services, income and current
transfers.
Narrow Money (M1)
A category of money supply that includes all physical money like
coins and currency along with demand deposits and other liquid assets
held by the central bank.
Broad Money(M2)
Broad money is the sum of currency outside banks; demand
deposits other than those of the central government; the time, savings,
and foreign currency deposits of resident sectors other than the central
government; bank and traveler’s checks; and other securities such as
certificates of deposit and commercial paper.
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Definition
