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Macro Notes-GDP
GDP notes
6
Business
Undergraduate 3
10/26/2009

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Term
GDP
Definition
Gross Domestic Product-Market value of all final g/s produced within a country for a given time period
Term
GDP Includes
Definition
1.Market Value
2.Final g/s
3.Within a country
4.Given Time Period
Term
Uses of GDP
Definition
-Measures size or performance of the economy or well-being
-The more stuff we produce the more stuff we can consume and the better able we are to satisfy our needs/desires
Term
Why does GDP go up?(2 reasons)
Definition
a.economy is producing more goods/services(higher Q)
b. Goods and services copuld be selling at higher prices.
Term
What is Nominal GDP?
Definition
-Measures GDP using prices and quantities from current year.
Term
What is "real" GDP?
Definition
Measures GDP uses quantity from current year, but at a fixed set of prices.
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