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macro economics GDP
GDP
19
Economics
Undergraduate 1
11/16/2008

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Term
Gross Domestic Product (GDP)
Definition
the total market value of all final goods and services produced in a given period by factors of production located within a nation
Term
Final goods and services
Definition
final product to avoid double counting
Term
Total market value
Definition
prices of all goods and services collectively
Term
National Income Accounting
Definition
system for measuring general economic variables
Term
Expenditure Approach
Definition
way to calculate GDP… GPD is equal to the sum of all expenditures for the purchase of all final goods and services
Term
Income Approach
Definition
way to calculate GDP… GDP is equal to the sum of all incomes derived from producing a given years output
Term
Flow Variable
Definition
the total value of transactions during an accounting period
Term
Stock Variables
Definition
Value of an asset at a certain point and time
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