Term
| GDP reference to the value of final goods and services produced within the borders of a country. GNP is the value of final goods and services produced by residents of that country even if production takes place outside of the country. |
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Definition
| What is the difference between GNP and GDP? |
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Term
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Definition
| the fair distribution of economic benefits |
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Term
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Definition
| analysis that involves comparing marginal benefits and marginal costs |
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Term
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Definition
| analysis concerned with what ought to be |
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Term
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Definition
| analysis concerned with what is |
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Term
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Definition
| the situation in which a good or service is produced at the lowest possible cost |
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Definition
| a model that illustrates how participants in markets are linked |
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Term
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Definition
| labor, capital, natural resources, and other inputs used to produce goods and services |
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Term
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Definition
| short term unemployment that arises from the process of matching workers with jobs. |
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Term
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Definition
| occurs because workers and firms take the time necessary to ensure a good match between the attributes of workers and the characteristics of jobs |
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Definition
| type of unemployment that occurs because of a recession |
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Term
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Definition
| the stated interest rate on a loan |
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Term
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Definition
| the nominal interest rate minus the inflation rate |
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Term
| consumption + investments + government spending + net exports |
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Definition
| what is the equation for GDP? |
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Term
| calculated by designating a particular year as the base year and then using the prices of goods and services in the base year to calculate the value of goods and services in all other years. |
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Definition
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Term
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Definition
| (nominal GDP / real GDP) x 100 |
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