| Term | Definition |
|---|
| National Income Accounting | The Measurement of aggregate economic activity, particularly national income and its components. |
| Gross Domestic Product | Final market value of all goods and services produced within a country's borders, within a year. |
| GDP per capita | Total GDP divided by total population; average GDP. |
| Intermediate Goods | Goods or services purchsed for use as inout in the production of final goods or in services. |
| Value Added | The increase in the market value of a product that takes place at each stage of the production process. |
| Nominal GDP | The values of final output produced in a given period, measured in the prices of that period(current prices). |
| Real GDP | The value of final output produced in a given period, adjusted for changing prices. |
| Based Period | The time period used for comparative analysis; the basis for indexing, for example, of price changes. |
| Inflation | An increase in the average level of prices of goods and services. |
| Depreciation | The consumption og capital in the production process; the wearing out of plant and equipment. |
| Net Domestic Product | GDP less depreciation. |
| Investment | Expenditures on (production of) new plant. equipment, and structures (capital) in a given time period, plus changes in business inventories. |
| Gross Investment | Total investment expenditure in a given time period |
| Net Investment | Gross investment less depreciation. |
| Exports | Goods and services sold to international buyers. |
| Imports | Goods and services purchased from international sources. |
| Net Exports | The value of exports minus the value of imports. |
| National Income | Total income earned by current factors of production: GDP less depreciation and indirect business taxes, plus net foreign factor income. |
| Personal Income | Income received by households before payment of personal taxes. |
| Disposable Income | After-tax income of households; personal income less personal taxes. |
| Saving | That part of disposable income not spent on current consumption; disposable income less consumption. |
| No | GDP measures everything that happens in the economy? |
| C+I+G+(X-M) | What is the GDP equation that measures the components and values of GDP? |
Combine with other sets
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