Term
| GDP (Gross Domestic Product) |
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Definition
| Market value of all FINAL goods and services produced within a country in a give period of time. |
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Term
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Definition
Y = C + I + G + NX
or
GDP = Consumption + Investment + Government Purchases + Net Exports (exports - imports) |
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Term
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Definition
| Overall; Exports - Imports |
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Term
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Definition
Real: Includes inflation; requires a BASE YEAR & BASE PRICES FROM THE BASE YEAR.
Nominal: Does not include inflation; uses CURRENT YEAR & CURRENT PRICES. |
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Term
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Definition
Takes into account both Nominal and Real GDP.
(Nominal GDP/Real GDP) * 100 |
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Term
| Inflation; Inflation Rate |
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Definition
When the economies overall price level is rising. The Inflation Rate is the % change in some measure of the price level from one period to the next.
Eg. INFLATION RATE IN YEAR 2 = ((GDP DEFLATOR IN YEAR 2 - GDP DEFLATOR IN YEAR 1)/GDP DEFLATOR IN YEAR 1) * 100 |
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Term
| GNP (Gross National Product) |
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Definition
Similar to GDP, but measures only the income/expenditures of NATIONALS (permanent residents), regardless of where it is earned/spent (at home or in another country).
Reflects, in part, the relative attractiveness of a country as a place to produce goods/services.
GDP + (income received - income paid) |
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Term
| Foreign Investment Review Act (FIRA) |
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Definition
| Passed in Canada in 1974 and attempted to monitor and regulate the purchase of Canada's productive capacity by foreigners. Repealed in 1984. |
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Term
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Definition
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Term
| Net Investment and Gross Investment |
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Definition
| Net Investment = Gross investment - depreciation |
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Term
| Net National Product (NNP) |
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Definition
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Term
| Net Domestic Product (NDP) |
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Definition
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Term
| Net National Income (NNI) |
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Definition
| GNP - Depreciation - Indirect Taxes less subsidies |
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Term
| Personal Income (PY or PI) |
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Definition
| Consumption + Personal Savings + Personal Taxes |
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Term
| Personal Disposable Income (PDI) |
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Definition
| Consumption + Personal Savings |
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