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AP Macroeconomics: Unit 2

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national income accounting

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Terms in this set (115)

national income accounting

The techniques used to measure the overall production of the economy and other related variables for the nation as a whole.

gross domestic product

The total market value of all final goods and services produced annually within the boundaries of the United States, whether by U.S. or foreign-supplied resources.

intermediate goods

products that are purchased for resale or further processing or manufacturing.

goods that have been purchased for final use and not for resale or further processing or manufacturing.

multiple counting

wrongly including the value of intermediate goods in the gross domestic product; counting the same good or service more than once.