Term
|
Definition
| the study of how households and firms make decisions and how they interact in markets |
|
|
Term
|
Definition
| the study of how households and firms make decisions and how they interact in markets |
|
|
Term
| Gross Domestic Product(GDP) |
|
Definition
| the market value of all final goods and services produced within a country in a given period of time. |
|
|
Term
|
Definition
| illegal goods do not count, black market doesn't count, things that you make yourself that don't enter the market place don't count. |
|
|
Term
|
Definition
| When International Paper makes paper, which Hallmark then uses to make a greeting card, the paper is called an intermediate good, and the card is called a final good. GDP only includes the value of final goods. |
|
|
Term
| Are used goods counted in the GDP? |
|
Definition
|
|
Term
|
Definition
| GDP measures the value of production within geographic confines of a country. When a Canadian citizen works temporarily in the US, his production is included in the US GDP. |
|
|
Term
|
Definition
C - Consumption
I - investment
G - government purchases
X - net exports |
|
|
Term
|
Definition
| the spending by households on goods and services, with the exception of purchases of new housing |
|
|
Term
|
Definition
| spending on capital equipment, inventories, and structures, including household purchases of new housing. |
|
|
Term
|
Definition
| Spending on goods and services by local, state, and federal governments |
|
|
Term
|
Definition
| spending on domestically produced goods by foreigners(exports) minus spending on foreign goods by domestic residents(imports). |
|
|
Term
|
Definition
| the production of goods and services valued at CURRENT prices |
|
|
Term
|
Definition
| the production of goods and services valued at CONSTANT prices |
|
|
Term
|
Definition
| Nominal GDP/Real GDP x 100 |
|
|
