Term
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Definition
| the market value of the final goods and services produced withing a country in a given time period |
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Definition
| the prices at which items are traded in markets |
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Term
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Definition
| an item that is bought by its final user during a specified time period |
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Definition
| normally either a quarter of a year - called the quarterly GDP data - or a year - called the annual GDP data |
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Term
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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 service |
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Definition
| Rising incomes and a rising value of production go together. They are two aspects of the same phenomenon: _____ _____. |
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Definition
| the total payment for the goods and services households buy from firms. |
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Definition
| when a firm buys a good from itself (such as a new plant, equipment, or buildings) |
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Definition
| The _____ _____ measures GDP as the sum of consumption expenditure, investment, government expenditures on goods and services. |
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Definition
| The _____ _____ measures GDP by summing the incomes that firms pay households for the factors of production they hire - wages for labor, interest for capital, rent for land, and profit for entrepreneurship. |
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Term
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Definition
| the value of goods and services produced in a given year when valued at the prices of a reference base year. |
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Term
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Definition
| the value of final goods and services produced in a given year valued at the prices of that year. |
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Term
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Definition
| real GDP divided byy the population |
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Term
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Definition
| the value of all factors of production when all ability is fully employed |
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Definition
| the dollar value of the accumulated gap between what real GDP per person would have been if the 1960's growth rate had persisted and what real GDP per person turned out to be |
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Term
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Definition
| a periodic but irregular up-and-down movement of a total production and other measures of economic activity |
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Term
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Definition
| a period during which real GDP increases |
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Term
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Definition
| a period during which real GDP decreases - its growth rate is negative - for at least two successive quarters. |
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Term
| Not a part of nominal GDP |
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Definition
| household production, underground economic activity, health and life expectancy, leisure time, environmental quality, political freedom and social justice. |
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