Term
| what does GDP stand for and what is the definition. |
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Definition
| (gross domestic product) - the market value of all final goods and services produced within a country in a given time period |
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Term
| What are the four parts of GDP? |
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Definition
| Market value, final goods and services, produced within a country, and in a given time period |
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Term
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Definition
| the prices at which each item is traded in markets |
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Term
| What do you value to calculate GDP? |
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Definition
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Term
| What is a final good or service? |
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Definition
| an item that is bought by its final user during a specified time period |
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Term
| what is an intermediate good or service? |
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Definition
| an item that is produced by one firm, bought by another firm, and used as a component of a final good or servi |
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