All Output, Cycles and Fiscal Policy Concepts

Gross domestic product (GDP) is a monetary measure of the total market value of all of the final goods and services which are produced and rendered during a specific period of time (usually a year) by a country or countries.

Business cycles are intervals of general expansion followed by recession in economic performance.

The Phillips curve is a representation of the relationship between unemployment and inflation in the macroeconomy, where a tradeoff between low unemployment and price stability exists.

In economics, the fiscal multiplier (not to be confused with the money multiplier) is the ratio of change in national income or revenue arising from a change in government spending.

The Ricardian equivalence proposition (also known as the Ricardo-de Viti-Barro equivalence theorem) is an economic hypothesis holding that consumers are forward-looking and so internalize the government's budget constraint when making their consumption decisions.

In economics, Okun's law is an empirically observed relationship between unemployment and losses in a country's production.