Term
| ependiture approach to GDP |
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Definition
| a method of calculating GDP by adding spending on all the final goods and services produced in the nation during the year |
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Term
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Definition
| a method of calculating GDP by adding all payents for resources used to produce output in the nation during the year |
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Term
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Definition
| goods and services to sold to final, or end uers |
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Term
| intermediate goods and services |
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Definition
| goods and services purchased by firms for further reprocessing and resale |
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Term
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Definition
| the mistake of including the value of intermediate goods plus the valueof final goods in gross domestic product , counting the same good more than once |
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Term
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Definition
| household purchases of final goods and services |
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Term
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Definition
| thepurchase of new plants, new equipment, new buildings, and new residences, plus net additions to inventories |
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Definition
| building new homes or dwelling places |
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Term
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Definition
| producers stocks of finished and in-process goods |
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Term
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Definition
| spending for goods and services by all levels of government; government outlays minus transfer payments |
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Term
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Definition
| the value of countrys 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, usually a year |
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Term
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Definition
| the sum of all income earnedby resource suppliers in an economy during a given period |
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Term
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Definition
| the difference at teach stage of production between the selling price of aproduct and the cost of intermediate goods purchased from other firms |
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Term
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Definition
| the income households have available to spend or to save after paying taxes and receiving transferpayments |
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Term
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Definition
| taxes minus transfer payments |
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Term
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Definition
| banks and other financial that facilitates the flow of funds from savers to borrowers |
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Term
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Definition
| market exchange that goes unreported either because it is illegal or because those involved want to evade taxes |
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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 minus depreciation |
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Term
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Definition
| GDP based on prices prevailing at the time of the tranaction |
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Term
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Definition
| the year with which other years are compared when constructing an index: the index equals 100 in the base year |
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Term
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Definition
| a number that shows the average price of goods; changes in aprice index over time show changes in the economys average price level |
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Term
| consumer price index (CPI) |
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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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Term
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Definition
| a comprehensive price index of all goods and services included in the gross domestic process |
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