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Terms in this set (27)
Total market value of goods and services produced by a country within a given year.
Labor is ____ an intermediate input in the product approach.
Value of g/s produced - Value of intermediate inputs
Ultimate purchasers determine account
The value of the income of the factors of production (labor, capital)
A good that is used in production in the same year in which it is produced.
are final goods, do not get subtracted from revenue like intermediate goods.
Count as if it had been sold
Newly produced capital goods: Structures, equipment, intellectual property
C + I + G + NX
You must include ____________ in the product approach.
NNP + depreciation =
GNP - NFP =
Payments from rest of world - Payments to rest of world =
Two ways wealth changes
Saving (and) change in the value of existing assets
Portion of income that is not consumed
(GDP + NFP) - C - G =
Sprivate + Sgovt =
(GDP + NFP) - Taxes + Transfers + Interest
Private Disposable Income (PDI)
PDI - C =
I + Nx + NFP =
Nx + NFP =
I + CA =
S (uses-of-savings identity)
CA & (-Sgovt)
(NGDP / RGDP) * 100 =
Rate of growth of nominal GDP - Rate of growth of real GDP =
Rate of inflation
((Y2 GDP / Y1 GDP) - 1) * 100% =
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