Term
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Definition
| Gross Domestic Product: the market value of all final goods and services produced w/ in a country in a given period of time |
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Definition
| All goods measured in the same units. (ex. American dollars), things that don't have a market value are excluded (ex. housework) |
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Term
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Definition
| Includes tangible and intangible goods, only goods currently being produced are measured, measures the value of production that occurs w/in a country |
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Term
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Definition
| Total spending; made of 4 components: Consumption(C), Investment(I), Government(G), Net Exports(NX) |
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Definition
| Total spending by households on goods and services |
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Term
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Definition
| Total spending on goods that will be used in the future to produce more goods. Including: capital equipment (ex. machines/tools), structures (ex. factories, office buildings,houses), inventories (ex. goods produced but not yet sold) |
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Term
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Definition
| All spending on the g&s purchased by gov't at the federal, state, and local levels, excludes transfer payments (e.g. social security or unemployment) |
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Definition
NX= exports-imports, exports represent foreign spending on the economy's g&s
*Y= C+I+G+NX* |
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Term
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Definition
| Values output using current prices, not corrected for inflation |
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Term
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Definition
| Values output using base year, corrected for inflation |
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