Ch 6 GDP
Terms in this set (...)
Income approach to calculating GDP
Measures wages, rents, interest, and profits as they flow into the household sector.
A measure of the value of total output of goods and services produced within a country, value of current market prices of all final goods produced annually in a given country.
Expenditure approach to calculating gdp
Calculating gdp by adding together values of each g&s sold and adjusting cost of inputs to get value added at each stage of production.
Most recent value of us gdp
GNP (gross national product)
estimate of total value of all final products and services produced in a given period by means of production owned by a country's residents.
Difference of GDP & GNP
gdp measures production in a country, gnp measures production of an individual or firm
CPI (consumer price index)
measures changes in price level of market basket of consumer goods and services purchased by households.
a measure of price inflation, calculated by dividing nominal gdp by real gdp *100
macroeconomic measure of value of economic output adjusted for price changes (inflation) this transforms the money-value measure, nominal gdp into index for quantity of total output.
Limits of gdp
productive activity that doesn't have market transaction.
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