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12 Cards in this Set
- Front
- Back
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• Gross domestic product (GDP):
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the total market value of all goods and services provided in a country’s economy in a year by both residents and nonresidents of that country
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o Gross national Income (GNI):
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a measure similar to GDP, but does not include income earned by foreigners who own resources in that nation
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• Birthrate:
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the number of babies born per 1k people—has fluctuated greatly in the last 65 years
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• Baby boomers:
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people born between 1946 and 1964
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• Generation X:
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the generation born immediately following the baby boom: from 1965-1977
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• Generation Y (Millenials):
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refers to those born from 1978 to 1994
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• Metropolitan statistical area (MSA):
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an integrated economic and social unit with a large population nucleus
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• Real income:
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income that is adjusted to take out the effects of inflation on purchasing power
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• Disposable income:
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what is left after taxes
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• Discretionary income:
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what is left of disposable income after paying for necessities
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• Empty nesters:
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people whose children are grown and who are now able to spend their money in other ways
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• Senior citizens:
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people over 65
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