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Study sets matching "domestic product"

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Study sets matching "domestic product"

10 terms
1 Gross Domestic Product
(GDP) Gross Domestic Product
Learning Effect
Trade
Trade Barriers
Total value of all final goods and services... produced in a cou…
The idea that education increases the... efficiency of productio…
Exchanging goods and services
Something that keeps a foreign product or... service out of a co…
(GDP) Gross Domestic Product
Total value of all final goods and services... produced in a cou…
Learning Effect
The idea that education increases the... efficiency of productio…
27 terms
Gross Domestic Product & Growth
national income accounting
gross domestic product
intermediate goods
durable goods
a system economists use to collect and organize macroeconomic…
the dollar value of all final goods and services produced wit…
products used in the production of final goods
those goods that last for a relatively long time, such as ref…
national income accounting
a system economists use to collect and organize macroeconomic…
gross domestic product
the dollar value of all final goods and services produced wit…
8 terms
Gross Domestic Product
Statistic
Business Cycle
Expansion
Peak
number that shows information
Alternating periods of economic growth and contraction, which…
economic growth in GDP
highest point on economic cycle
Statistic
number that shows information
Business Cycle
Alternating periods of economic growth and contraction, which…
20 terms
Gross Domestic Product
National income accounting
Structures
Intermediate products
Secondhand sales
System of accounts used to track the nation's production, con…
Category in the national income and product accounts that inc…
Products directly excluded from GDP computations because they…
Scales of used goods; category of activity it included in GDP…
National income accounting
System of accounts used to track the nation's production, con…
Structures
Category in the national income and product accounts that inc…
18 terms
Gross Domestic Product Vocabulary
gross domestic product
export
import
unemployment
how many goods and services one country has
sending (goods or services) to another country for sale... (Stu…
getting (goods or services) from another country for sale ... (…
number of people that don't have jobs
gross domestic product
how many goods and services one country has
export
sending (goods or services) to another country for sale... (Stu…
13 terms
Gross Domestic Product-QUIZ
Gross Domestic Product
GDP
Dollar Terms
U.S Corporations
The full name for "GDP"
A measure of all goods purchased in the economy during a year
GDP is listed in ___________
U.S GDP only measures __________ corporations
Gross Domestic Product
The full name for "GDP"
GDP
A measure of all goods purchased in the economy during a year
16 terms
GDP: Gross Domestic Product
macroeconomics
purpose of macroeconomics
three main policy goals of countries
NIPA
the study of the economy as a whole
measure health of economy... guide government policy
promote economic growth... limit unemployment... limit inflation
national income and product accounts... statistics on general ec…
macroeconomics
the study of the economy as a whole
purpose of macroeconomics
measure health of economy... guide government policy
10 terms
(GDP) Gross Domestic Product
(GDP) Gross Domestic Product
Learning Effect
Trade
Trade Barriers
Total value of all final goods and services... produced in a cou…
The idea that education increases the... efficiency of productio…
Exchanging goods and services
Something that keeps a foreign product or... service out of a co…
(GDP) Gross Domestic Product
Total value of all final goods and services... produced in a cou…
Learning Effect
The idea that education increases the... efficiency of productio…
27 terms
Chapter 12: Gross Domestic Product
nationation income accounting
gross domestic product
intermediate goods
durable goods
a system economists use to collect and organize macroeconomic…
the dollar value of all final goods and services produced wit…
products used in the production of final goods
goods that last for a relatively long time, such as refrigera…
nationation income accounting
a system economists use to collect and organize macroeconomic…
gross domestic product
the dollar value of all final goods and services produced wit…
9 terms
GDP (Gross Domestic Product)
What is the formula for calculating GDP?
GDP only includes _______ goods and se…
GDP vs. GNP (Gross National Product)
Nominal GDP vs. Real GDP
C+I+G+(X-M)... C=consumer spending... I=investment spending... G=gover…
final
-GDP only includes the total value of goods and services prod…
-nominal GDP counts the current market price for goods and se…
What is the formula for calculating GDP?
C+I+G+(X-M)... C=consumer spending... I=investment spending... G=gover…
GDP only includes _______ goods and se…
final
11 terms
Gross Domestic Product (GDP)
Gross
Domestic
Product
*GDP
Total
With in borders (in the century)
"Stuff" Product
Dollar value of all final "stuff" produced in a country in a…
Gross
Total
Domestic
With in borders (in the century)
25 terms
gross domestic product
gross domestic product (GDP)
final goods
intermediate goods
transfer payment
the dollar value of all final goods and services produced in…
final price of the good
prices that go into the product
the government gives you money even though you didn't do any…
gross domestic product (GDP)
the dollar value of all final goods and services produced in…
final goods
final price of the good
8 terms
Growth Domestic Product
Personal consumption expenditures
Gross private domestic investment
Government purchases of goods and serv…
Net exports of goods and services
the primary measure of consumer spending on goods and service…
the measure of physical investment used in computing GDP in t…
...
...
Personal consumption expenditures
the primary measure of consumer spending on goods and service…
Gross private domestic investment
the measure of physical investment used in computing GDP in t…
21 terms
Economics GROSS DOMESTIC PRODUCT
National income accounting
National Income and Product Accounts (…
Gross domestic product
Dollar value
A system that collects macroeconomic stastictics on productio…
Determines economics policies
The dollar value of all final goods and services produced wit…
The total of the selling prices of goods and services produce…
National income accounting
A system that collects macroeconomic stastictics on productio…
National Income and Product Accounts (…
Determines economics policies
9 terms
Gross Domestic Product (GDP)
GDP
Gross Domestic Product
Consumption
Investment
C+I+G+(x-m)
consumption(C)+Investment(I)+government spending(G)+(export-i…
the amount that individuals consume in a given year
creates jobs
GDP
C+I+G+(x-m)
Gross Domestic Product
consumption(C)+Investment(I)+government spending(G)+(export-i…
11 terms
Gross Domestic Product
national debt
Budget Surplus
Standard of Living
Inflation
held by the public, such as Treasury securities held by inves…
A situation in which income exceeds expenditures
refers to the level of wealth, comfort, material goods and ne…
is a sustained increase in the general price level of goods a…
national debt
held by the public, such as Treasury securities held by inves…
Budget Surplus
A situation in which income exceeds expenditures
23 terms
12 Gross Domestic Product
Market Value
Final Goods and Services
Intermediate Goods
Double Counting
Output is valued at selling price; NOMINAL GDP is influenced…
Goods and services produced for final use by FINAL users
Goods and services produced by one firm for use in further pr…
Counting intermediate goods twice in the calculation of GDP
Market Value
Output is valued at selling price; NOMINAL GDP is influenced…
Final Goods and Services
Goods and services produced for final use by FINAL users
20 terms
Gross Domestic Product (GDP)
Micro Economics
Macro Economics
Paradox of Thrift
GDP
Individualized
How do decisions that people make, avg. together and affect t…
Cutting spending results in less production and thereby worke…
Measures the income of everyone in the economy... Market value o…
Micro Economics
Individualized
Macro Economics
How do decisions that people make, avg. together and affect t…
9 terms
Gross Domestic Product
Personal consumption expenditures
Gross private domestic investment
Government purchases of goods and serv…
Net exports of goods and service
is the primary measure of consumer spending on goods and serv…
is the measure of physical investment used in computing GDP i…
Expenditures made in the private sector by all levels of gove…
They are equal to the difference between exports and imports…
Personal consumption expenditures
is the primary measure of consumer spending on goods and serv…
Gross private domestic investment
is the measure of physical investment used in computing GDP i…
Gross Domestic Product GDP
National Accounts: National Income and…
Household
Firm
Products Markets
keep track of the flows of money between different sectors of…
a person or group of people who share income
an organization that produces goods and services for sale
where goods and services are bought
National Accounts: National Income and…
keep track of the flows of money between different sectors of…
Household
a person or group of people who share income
9 terms
Gross domestic product
Government purchases of goods and serv…
Gross private domestic investment
Personal consumption expenditures
Trade deficit
are total expenditures on goods and services by federal, stat…
the total value of all final goods and services produced in t…
A measure of price changes in consumer goods and services.
the amount by which the cost of a country's imports exceeds t…
Government purchases of goods and serv…
are total expenditures on goods and services by federal, stat…
Gross private domestic investment
the total value of all final goods and services produced in t…
19 terms
gross domestic product (economics)
National income accounting
gross domestic product (GDP)
intermediate goods
durable goods
system that collects macroeconomic statistics on production,…
the total value of all final goods and services produced in a…
goods used in the production of final goods
goods that last for a relatively long time, such as refrigera…
National income accounting
system that collects macroeconomic statistics on production,…
gross domestic product (GDP)
the total value of all final goods and services produced in a…
16 terms
Gross domestic product
National income accounting
Gross domestic product
Intermediate goods
Durable goods
A system that collects macroeconomic statistics on production…
The dollar value of all final goods and services produced wit…
Goods used in the production of final goods
Goods that last for a relatively long time, such as refrigera…
National income accounting
A system that collects macroeconomic statistics on production…
Gross domestic product
The dollar value of all final goods and services produced wit…
11 terms
Gross Domestic Product - Vocabulary
nominal gross domestic product (GDP)
real GDP
intermediate goods
final goods and services
the GDP measured in terms of the price level at the time of m…
the GDP adjusted for inflation; GDP in a year divided by the…
products that are purchased for resale or further processing…
goods and services that have been purchased for final use and…
nominal gross domestic product (GDP)
the GDP measured in terms of the price level at the time of m…
real GDP
the GDP adjusted for inflation; GDP in a year divided by the…
22 terms
Gross Domestic Product (GDP)
Gross domestic product (GDP)
Gross national product (GNP)
Final goods
Four categories of GDP
The total dollar value of all final goods and services produc…
The final value of all goods and services produced by a natio…
Good actually sold to consumers instead of producers
Consumer spending (C), Investment spending (I or Ig), Governm…
Gross domestic product (GDP)
The total dollar value of all final goods and services produc…
Gross national product (GNP)
The final value of all goods and services produced by a natio…
27 terms
TERMS GROSS DOMESTIC PRODUCT
Gross Domestic Product
wage
salary
wealth
The total value of goods and services produced within the bor…
earnings paid by the hour or unit of production
earnings paid weekly, monthly, or on a yearly basis
the value of assets owned
Gross Domestic Product
The total value of goods and services produced within the bor…
wage
earnings paid by the hour or unit of production
11 terms
Gross Domestic Product & Growth
Gross Domestic Product (GDP)
Intermediate Goods
Durable Goods
Non-durable Goods
The dollar value of all final goods and services produced wit…
Products used in the production of final goods
Those goods that last for a relatively long time, such as ref…
Those goods that last a short period of time, such as food
Gross Domestic Product (GDP)
The dollar value of all final goods and services produced wit…
Intermediate Goods
Products used in the production of final goods
18 terms
Gross Domestic Product
Gross Domestic Product
Dollar Votes
Nominal GDP
Real GDP
the dollar value of all final goods and services produced wit…
total selling price
measured in current prices
adjusted for price change
Gross Domestic Product
the dollar value of all final goods and services produced wit…
Dollar Votes
total selling price
55 terms
Gross Domestic Product
Gross Domestic Product
A larger GDP means that
Changes in GDP
GDP was in the $500 billion range in t…
is the total market value of all final goods and services pro…
the economy has more goods and services that can be used to s…
are an excellent way of tracking business cycles. Contraction…
This means the economy is growing, expanding, and becoming mo…
Gross Domestic Product
is the total market value of all final goods and services pro…
A larger GDP means that
the economy has more goods and services that can be used to s…
16 terms
Gross domestic product
Macroeconomics
Gdp
What is gdp
Calculating gdp
Macroeconomics:... • Measures economic performance on a large sc…
Gross domestic product
• The market value of all final goods and services sold withi…
Add up the market value of all FINAL goods and services produ…
Macroeconomics
Macroeconomics:... • Measures economic performance on a large sc…
Gdp
Gross domestic product
7 terms
Gross Domestic Product
Gross Domestic Product (GDP)
Intermediate Goods
Expenditure Approach
GDP Components
The market value of all final goods/services produced within…
Goods that are used up along the way in production of other g…
Calculating GDP by adding the vale of all final goods/service…
C: consumption of households... I: investment by US firms... G: gov…
Gross Domestic Product (GDP)
The market value of all final goods/services produced within…
Intermediate Goods
Goods that are used up along the way in production of other g…
cross domestic product 16
cross domestic product
measure
performance
determine
...
...
...
...
cross domestic product
...
measure
...
20 terms
Gross domestic product
gross domestic product
standard of living
inflation
deflation
The sum total of the value of all the goods and services prod…
Level of economic prosperity
A general and progressive increase in prices
A situation in which prices are declining
gross domestic product
The sum total of the value of all the goods and services prod…
standard of living
Level of economic prosperity
Gross domestic product (GDP)
Gross domestic product (GDP)
Per capita GDP
Inflation
real GDP
Is the market value of all final goods and services produced…
Is GDP per person
Is the growth in the overall level of prices in an economy
Is GDP adjusted for changes in price
Gross domestic product (GDP)
Is the market value of all final goods and services produced…
Per capita GDP
Is GDP per person
35 terms
Gross Domestic Product
Gross Domestic Product (GDP)
For The Economy As A Whole:
GDP Is...
These Goods Are Valued At Their Market…
Measures the total income of everyone in the economy. GDP als…
Income = expenditure because every dollar a buyer spends is a…
The market value of all final goods and services produced wit…
All goods are measured in the same units, and things that don…
Gross Domestic Product (GDP)
Measures the total income of everyone in the economy. GDP als…
For The Economy As A Whole:
Income = expenditure because every dollar a buyer spends is a…
11 terms
Gross Domestic Product
Gross Domestic Product
Production
Price
Public Goods
A measure of wealth that is the market value of final goods a…
A proxy of consumption (production = consumption = happiness)…
A measure of marginal benefit, used to be able to count gdp.…
Have a cost but no price, there isn't a market for public edu…
Gross Domestic Product
A measure of wealth that is the market value of final goods a…
Production
A proxy of consumption (production = consumption = happiness)…
55 terms
Gross Domestic Product
Gross Domestic Product
A larger GDP means that
Changes in GDP
GDP was in the $500 billion range in t…
is the total market value of all final goods and services pro…
the economy has more goods and services that can be used to s…
are an excellent way of tracking business cycles. Contraction…
This means the economy is growing, expanding, and becoming mo…
Gross Domestic Product
is the total market value of all final goods and services pro…
A larger GDP means that
the economy has more goods and services that can be used to s…
6 terms
Gross Domestic Product
GDP
GDP does not include:
Aggregate Demand
Demand
The market value of all final goods and services produces wit…
1. Illegal activities. 2. Products created within a household…
The total amount of goods and services demanded in the econom…
An economic principle that describes a consumer's desire and…
GDP
The market value of all final goods and services produces wit…
GDP does not include:
1. Illegal activities. 2. Products created within a household…
8 terms
GDP (Gross Domestic Product)
GDP
computing
Excluded factors
limitations
dollar amount of all final goods and services produced within…
C + I + G + (x-m)
intermediate products, secondhand sales, non market transacti…
composition of what is being sold, output, quality of life no…
GDP
dollar amount of all final goods and services produced within…
computing
C + I + G + (x-m)
13 terms
Gross Domestic product
GDP
GNP
Inventories
Expenditure approach(GDP)
market value of all the final goods and services produced wit…
production of a countries citizen... GDP of country + income ear…
produced goods held in storage in anticipation of later sales…
adds together the spending on goods and services of the diffe…
GDP
market value of all the final goods and services produced wit…
GNP
production of a countries citizen... GDP of country + income ear…
33 terms
Gross Domestic Product
Gross Domestic Product (GDP)
GDP
How rich a country is
Gross Domestic Product (GDP)
What is the most importand number in the world?
Determines the wealth of individual countries
The GDP tells us
Is the most important measure of economic performance
Gross Domestic Product (GDP)
What is the most importand number in the world?
GDP
Determines the wealth of individual countries
27 terms
Gross Domestic Product
Developed Countries
Developing Countries
Gross Domestic Product
Per Capita
Countries with strong economies and a high quality of life an…
Countries with less productive economies and a lower quality…
GDP is the total value of all goods and services produced in…
Per person
Developed Countries
Countries with strong economies and a high quality of life an…
Developing Countries
Countries with less productive economies and a lower quality…
34 terms
12 Gross Domestic Product
Gross Domestic Product
market value
nominal GDP
final goods and services
market value of all final goods and services produced in the…
-output is valued at its selling price
-influenced by changes in prices... -output remains constant, pr…
-goods and services produced for final use by final users... ex.…
Gross Domestic Product
market value of all final goods and services produced in the…
market value
-output is valued at its selling price
9 terms
Gross Domestic Product
Person Consumption
Gross Private Domestic Investment
government purchases
net exports
is the primary measure of consumer spending on goods and serv…
is the measure of physical investment used in computing GDP i…
basically business
Net exports are the difference between a country's total valu…
Person Consumption
is the primary measure of consumer spending on goods and serv…
Gross Private Domestic Investment
is the measure of physical investment used in computing GDP i…
12 terms
Gross Domestic Product
National income accounting
Gross domestic product
Intermediate goods
Durable goods
Production, investment, income, and savings
Dollar value of goods and services produced
Used in production of final good (in country borders)
Goods that last a long time
National income accounting
Production, investment, income, and savings
Gross domestic product
Dollar value of goods and services produced
12 terms
Gross domestic product
Developed countries
Developing countries
Gross domestic product
Per capita
Countries with strong economies and a high quality of life an…
Countries with less productive Economies and a lower quality…
GDP is the total value of all goods and services produced in…
Per person
Developed countries
Countries with strong economies and a high quality of life an…
Developing countries
Countries with less productive Economies and a lower quality…
27 terms
gross domestic product
national income accounting
gross domestic product
intermediate goods
durable goods
a system that collects macroeconomic statistics on production…
The dollar value of all final goods and services produced wit…
goods used in the production of final goods
goods that last for ability long time such as refrigerators c…
national income accounting
a system that collects macroeconomic statistics on production…
gross domestic product
The dollar value of all final goods and services produced wit…
14 terms
Gross Domestic Product
economic goal
GDP
not counted to avoid double counting
aggregate spending
to promote economic growth
market value of all final g/s produced within a nation in a y…
used and intermediate goods, non market production, undergrou…
GDP= C+IG+G+XN
economic goal
to promote economic growth
GDP
market value of all final g/s produced within a nation in a y…
14 terms
Gross Domestic Product
Gross Domestic Product
Final Goods
Excluded from GDP
Limitations of GDP
Measures the dollar value of all final goods and services pro…
And services are sold to the final, or end, user
1. Non market activities-fixing your own car, mowing your own…
1. Negative Externalities-unintended economic side effects, s…
Gross Domestic Product
Measures the dollar value of all final goods and services pro…
Final Goods
And services are sold to the final, or end, user
69 terms
Gross Domestic Product (GDP)
Output is also known as
Expenditure Approach
Income Approach
Value-Added Approach
Production
Measures GDP by counting all of the money spent on new, final…
Measures GDP by counting the income received by individuals i…
Measures GDP by measuring each firm's value added
Output is also known as
Production
Expenditure Approach
Measures GDP by counting all of the money spent on new, final…
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