Econ Chap 23: measuring a nation's income
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8 terms
Terms | Definitions |
|---|---|
 Gross Domestic Product | the market value of all final goods and services produced within a country in a given period of time. |
| consumption | spending by households on goods and services. |
| investment | spending on goods that will be used in the future to produce more goods and services(capital equip, inventory, structures). |
| government purchases | spending on goods and services by local, state and federal gov'ts. |
| net exports | spending on domestically produced goods by foreigners(exports) minus spending on foreign goods by domestic residents(imports). |
| nominal GDP | uses current prices to place a value on the economy's production of goods and services. |
| real GDP | uses constant base-year prices to place a value on the economy's production of goods and services. |
| GDP deflator | Nom GDP/ Real GDP x 100 |
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