Term
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Definition
| method of calculating GDP by adding all payment for resources used to produce output in the nation during the year |
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Term
| Expenditure Approach to GDP |
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Definition
| calculating GDP by adding spending on all final goods and services procued during a year |
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Term
| Intermediate Goods and Services |
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Definition
| goods and services purchased by firms for further preprocessing and resale |
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Term
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Definition
| the mistake of including intermediate goods plus the calue of final goods in GDP; counting the same good more than once |
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Term
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Definition
| manufactured items used to produce goods and services, inclueds equipment |
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Term
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Definition
| The values of a country's exports minus the value of its imports |
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Term
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Definition
| Total spending on final goods and services during a given period..a year |
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Term
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Definition
| sum of all incom earned by resource supplies during a given period |
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Term
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Definition
| the income houshols have available to spend or save after paying taxes and recieving transfer payments |
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Term
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Definition
| taxes - transfer payments |
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Term
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Definition
| banks and other financial institutions that facillitate the flow of funds from savers to borrowers |
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Term
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Definition
| the value of capital stock used up to produce GDP or that becomes obsolete during a year |
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Term
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Definition
| Gross domestic product - depreciation |
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Term
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Definition
GDP bases on prices prevailling at the time of the transaction; current dollar GDP |
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Term
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Definition
| A number that shows the avera price of goods, changes in price index over time show changes in the economy's average price level |
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Term
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Definition
| a measure of inflation based on the cost of a fixed market basket of goods and services |
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