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| Net Domestic Product equals |
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Definition
Consumption + Net Investment + Government + (Exports – Imports).
?????? |
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| Gross Domestic Product equals |
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| Consumption + Gross Investment + Government + (Exports – Imports). |
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| Wages + Rent + Interest + Profits |
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| Gross investment is part of |
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| The _____ is an index that measures changes in the average prices of consumer goods and services |
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| CPI aka Consumer Price Index |
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Term
| ____ inflation is a rise in the price level caused by total spending |
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| A reduction in the rate of inflation |
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| A decrease in the average price elvel |
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| A ____ spiral is a situation that occurs when increases in nominal wage rates are passed on in higher prices, which, in turn, result in even higher nominal wage rates and prices |
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| ____ income is the actual dollars received over a period of time |
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| An extremely rapid rise in the price level |
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| An increase in the average price level |
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| Income adjusted for inflation |
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| a year chosen as a reference point |
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| _____ is the most widely used measure of a nation's economic performance and is the market value of all final goods produced in the US during a period of time |
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Definition
| GDP (Gross Domestic Product) |
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Term
| To avoid double counting, GDP does not include ______ |
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Term
| The _____ is a diagram representing the flow of products and resources between businesses and households in exchange for money payments |
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| The ______ sums the four major spending components of GDP consisting of consumption, investment, government, and net exports |
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Term
| GDP less depreciation of fixed capital equals _____ |
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| ______ include general sales taxes, excise taxes, and customs duties |
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| _____ is total income received by households and is calculated as national income less corporate taxes, retained earnings, Social Security taxes plus transfer payments and net interest from government securities |
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| ______ is personal income minus personal taxes |
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| _____ measures all final goods produced in a given time period valued at the prices existing during the time period of production |
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| _____ is the value of all final goods and services produced during any time period valued at prices existing in a base year. |
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| _____ is the market value of all final goods and services produced by a nation's residents no matter where they are located |
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Definition
| GNP (Gross National Product) |
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Term
| A government payment to individuals not in exchange for goods or services currently produced is called a _____ |
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| _____ are finished goods and services produced for the ultimate user |
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| a ____ is a quantity that exists at a given point in time measured in dollars |
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| a ____ is a measurement in units per time period such as dollars per year. For example, income and consumption can be measured per week, per month, or per year |
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| _____ business taxes are levied as a percentage of the prices of goods sold and therefore collected as part of the firm's revenue |
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| The ____ national product is the market value of all final goods and services produced by a nation's residents no matter where they are located |
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Term
| ____ GDP is the value of all final goods based on the prices existing during the time period of production |
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Term
| ____ goods and services used as inputs for the production of final goods |
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| Finished goods and services produced for the ultimate user |
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| ____ GDP is the value of all final goods produced during a given time period based on the prices existing in a selected base year. |
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| ____ approach is a broad price index which measures changes in prices of consumer goods, business, construction, government spending, exports, and imports |
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| The ___ flow model is a diagram showing the flow of products from business to households and the flow of resources from households to businesses |
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| Gross ___ product is the market value of all final goods and services |
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