Term
Gross Domestic Product (GDP |
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Definition
The total market value of all final goods and services produced within a nation's borders in a given time period
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The dollar value of GDP divided by total population; average GDP
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An increase in output (real GDP); an expansion of production possibilities
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Expenditures on (production of) new plant, equipment, and structures (capital) in a given time period, plus changes in business inventories
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Payments to individuals for which no current goods or services are exchanged, Social Security, welfare, unemployment benefits
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Goods and services sold to foreign buyers
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Goods and services purchased from foreign sources
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The value of exports minus the value of imports
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The ability of a country to produce a specific good at a lower opportunity cost
than its trading partners
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The knowledge and skills possessed by the workforce
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Production processes that use a high ratio of capital to labor inputs
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Output per unit of input, such as output per labor-hour
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Definition
Costs (or benefits) of a market activity borne by a third party
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