Term
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Definition
| ...must equal the total income in the economy. |
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Term
| gross domestic product (GDP) |
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Definition
| measures an economy’s total expenditure on newly produced goods and services and the total income earned from the production of these goods and services. |
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Term
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Definition
| The market value of all final goods and services produced within a country in a given period of time. |
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Term
| consumption, investment, government purchases, net exports |
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Definition
| Name the 4 components of expenditure GDP is divided among |
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Term
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Definition
| includes spending on goods and services by households, with the exception of purchases of new housing |
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Term
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Definition
includes spending on new equipment
and structures, including households’ purchases of new housing |
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Term
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Definition
| include spending on goods and services by local, state, and federal governments |
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Term
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Definition
| equal the value of goods and services produced domestically and sold abroad (exports) minus the value of goods and services produced abroad and sold domestically (imports) |
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Term
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Definition
| uses current prices to value the economy’s production of goods and services |
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Term
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Definition
| uses constant base-year prices to value the economy’s production of goods and services |
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Term
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Definition
| (calculated from the ratio of nominal to real GDP times 100) measures the level of prices in the economy. |
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Term
| people prefer higher incomes to lower incomes |
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Definition
| Why is GDP a good measure of economic well-being? |
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Term
| the value of leisure and the value of a clean environment |
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Definition
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Term
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Definition
| The usual intervals of time used to measure GDP (2 answers) |
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Term
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Definition
| The difference between the two calculations of GDP |
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Term
| gross national product (GNP) |
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Definition
| the total income earned by a nation’s permanent residents |
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Term
| net national product (NNP) |
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Definition
| the total income of a nation’s residents (GNP) minus losses from depreciation (wear and tear on an economy’s stock of equipment and structures) |
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Term
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Definition
| the income that households and non-corporate businesses receive |
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Term
| disposable personal income |
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Definition
| the income that households and non-corporate businesses have left after taxes and other obligations to the government |
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Term
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Definition
| What is the GDP equation? |
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Term
| Y=(nominal GDP/real GDP) X 100 |
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Definition
| What is the GDP deflator equation? |
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