Term
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Definition
| Expenditure by households on goods and services which satisfy current wants. |
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Term
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Definition
| Refers to spending by the firms on producer goods such as plants and machinery and adding to raw materials stocks and unsold goods. |
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Term
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Definition
| Forms of spending which do not derive from current income. These are investment spending by firms, government spending, and export sales to foreigners. |
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Term
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Definition
| Standard of living refers to the level of economic well-being (the average quality of life) of a population which includes the material and non-material aspects of life where material aspects include the quantity and quality of goods and services available for consumption and non-material aspects include the environment which one lives. |
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