Gross Domestic Product
Total market value of all final goods and services produced annually within the foundaries of the US whether by US or foreign-supplied resrouces
Personal Consumption Expeditures (C)
expeditures of households for durable and nondurable consumer goods and services
Gross Private Domestic Investment (Ig)
expendituresw for newly produced capital goods and for additions to inventories
Net Private Domestic Investment
GPrivate domestic - consumption of fixed capital
Government Purchases (G)
espenditures of govenment for providing of good and capital that are long lasting
Net Exports (Xn)
exports minus imports
Consumption of Fixed Capital
An estimate of the amount of capital consumed in production of GDP; depreciation
Peronal Income (PI)
the earned and unearned income available to resource suppliers and others before the payment of personal taxes
Disposable Income (DI)
personal income - personal taxes; income for expenditures and savings
the GDP measured in terms of the price level at the time of measurement
GDP adjusted for inflation; GDP in a year divided by GDP price index for that year
National income accounting
Techniques used to measure the overall production of the economy and other related variables for the nation as a whole
Products that are purchased fore resale or further processing or manufacturing
Goods and services that have been purchased for final use and not for resale or further processing or manufacturing
Wrongly including the value of "intermediate goods" in the "gross domestic product (GDP)"; counting the same good or service more than once
The value of the product sold by a "firm" less the value of the products (materials) purchased and used by the firm to produce the product
The method that adds all expenditures made for "final goods and services" to measure the "Gross domestic product (GDP)"
The method that adds all the income generated by the production of "final goods and services" to measure the "gross domestic product (GDP)"
Total income earned by resource suppliers for their contributions to grow "gross domestic product (GDP)"; equal to teh gross domestic product minus "nonincome charges," minus "net foreign factor income"
indirect business taxes
Such taxes as "sales, excise, and busines property taxes", license fees, and "tariffs" that firms treat as costs of producing a product and pass on (in whole or in part) to buyers by charging higher prices.
net domestic product (NDP)
"Gross domestic product" less the part of teh eyar's output that is needed to replace teh "capital goods" worn out in producing the output; the nation's total output available for consumption or additoins to teh "capital stock"
An index number that shows how the weighted-average price of a "market basket" of goods changes over time
consumer price index (CPI)
An index that measures the prices of a fixed "market basket" of some 300 goods and services bought by a "typical" customer
per capita output
Most meaningful measure of economic performances; found by dividing the "real GDP" by population