Term
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Definition
| Gross Domestic Product: the market value of all final goods and services produced in a country during a period of time |
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Definition
a good or service that is an input into another good or service ex. tires on a truck |
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Term
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Definition
a good or service purchased by a final user Example: buying tires for your truck |
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Term
| Measuring Total Production and Income |
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Definition
1. GDP is measured using market values, not qUANTITIES 2. GDP includes only the market value of final goods 3. GDP includes only current production |
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Term
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Definition
1. consumption 2. investment 3. government purchases 4. net exports |
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Definition
purchase of wheat from a wheat famer by a bakery - not GDP |
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Term
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Definition
| Purchase of a new machine tool by the Ford Motor Company |
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Term
| Example of Government Purchases |
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Definition
| purchase of an aircraft carrier by federal government |
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Term
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Definition
| purchase of French wine by a U.S. consumer |
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Definition
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Definition
anything you do at home is not included in GDP ex. : home-made salsa, mom watching |
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Term
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Definition
not taxed by government ex. : cocaine, drug |
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Term
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Definition
| Current Quantity X Current Price |
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Term
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Definition
| Current Quantity X Base Price |
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Term
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Definition
2009 GDP - 2008 GDP 2008 GDP |
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Term
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Definition
| a measure of the aberage prices of goods and services in the economy |
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Term
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Definition
a measure of the price level nominal GDP X100 real GDP |
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Term
| What does it mean to be unemployed? |
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Definition
1. activiely looking for a job within the past 4 week 2. be able to work - available 3. you currently dont have job |
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Term
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Definition
| the percentage of the labor force that is unemployed |
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Term
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Definition
| not actively seeking for a job - know things are bad |
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