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Macro Economics
chapt. 5 (GDP and Economic Growth)
6
Economics
Undergraduate 2
03/09/2009

Additional Economics Flashcards

 


 

Cards

Term
what does GDP stand for and what is the definition.
Definition
(gross domestic product) - the market value of all final goods and services produced within a country in a given time period
Term
What are the four parts of GDP?
Definition
Market value, final goods and services, produced within a country, and in a given time period
Term
What is a market value?
Definition
the prices at which each item is traded in markets
Term
What do you value to calculate GDP?
Definition
final goods and services
Term
What is a final good or service?
Definition
an item that is bought by its final user during a specified time period
Term
what is an intermediate good or service?
Definition
an item that is produced by one firm, bought by another firm, and used as a component of a final good or servi
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