Create an account
The short-run alternation between economics downturns and upturns (recessions and expansions
National Income and Product Accounts
Keep track of flows of money between different sectors of the economy
payments that the government makes to individuals without expecting a good or service in return
The banking, stock, and bond markets, which channel private savings and foreign lending to investment spending, government borrowing, and foreign borrowing
Government purchases of goods and services
Total expenditures on goods and services by federal, state, and local governments
Gross Domestic Product (GDP)
total value of all final goods and services produced in an economy during a given period
Total spending on domestically produced final goods and services in the economy, = sum of consumer spending, investment spending, government purchases of goods and services, and exports minus imports (C + I + G + (X-IM))
The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year (Q x P at base year prices)
The total value of all final goods and services produced in the economy during a given year, calculated with the prices current in the year in which the output is produced
The method of calculating changes in real GDP using the average between the growth rate calculated using an early base year and the growth rate calculated using a late base year
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