Term
| GDP or gross domestic product |
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Definition
| Market value of the final goods and services produced within 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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Definition
| an item that is bought by its final user during a specified time period. |
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Definition
| Which is 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
| counting a intermediate good as something separate when it is already included in the count of the final good. |
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Definition
| Total payment for these goods and services is consumption expenditure. |
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Definition
| The purchase of new plant, equipment, and buildings and additions to inventories. |
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| Goods and services bought by the government. |
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Definition
| goods and services sold to the rest of the world |
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Definition
| goods and services bought from the rest of the world |
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Definition
| the value of exports (x) minus the value of imports (m) |
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Definition
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Definition
| decrease in the value of a firm's capital that results from wear and tear and obsolescence. |
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Definition
| the total amount spent both buying new capital and replacing depreciated capital. |
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Definition
| the amount by which the value of capital increases is called net investment |
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Term
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Definition
Measures GDP as the sum of consumption expenditure, investment, government expenditure, and net exports of goods and services.
C + I + G + X - M |
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Term
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Definition
| Measures GDP by summing the incomes that firms pay households for the services of the factors of production they hire- wages for labor, interest for capital, rent for land, and profit for entrepreneurship. Must add depreciation make equal to expenditure approach GDP. |
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Term
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Definition
| Value of final 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
| Value of final goods and services produced in a given year when valued at the prices of that year. |
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Term
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Definition
| Real GDP divided by population |
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Definition
| a periodic but irregular up and down movement of total production and other measures of economic activity. two phases, expansion and recession. two turning points, peak and trough. |
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Definition
| Real GDP increases. Real GDP returns to potential GDP, potential GDP grows, Real GDP exceeds potential GDP |
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Term
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Definition
| Real GDP decreases (2 consecutive quarters) |
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