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21 Cards in this Set
- Front
- Back
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Aggregate
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total, Final Goods and Services approach
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Capital Stock
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the stuff with which to do business
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Depreciation
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decrease in overall value due to wear, tear, and aging
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Gross
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total not net (or take home)
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GDP
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sum of all final goods and services produced with in the boarders
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National
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A level of government spending, highways, payroll
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Net
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subtracting the offset
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Personal
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services and good that suffer the least in a poor economy… clothing, food
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Disposable Income
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= Total personal Income - Taxes, or = consumption + Savings, income that remains after paying taxes
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Net Domestic Product
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NDP= GDP - Deprecation
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Net National Product
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NNP = GNP - Statistical Adjustments
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Total Personal Income
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= Rent payments + Wages + Interest + Profit + Government Transfers
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Value-added
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Cost to produce
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Aggregate Income
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Payments for factors of production, Sum of incomes + interest + rent + profits
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Methods to calculate GDP
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Final Goods and Services, Value-added, Payments for factors of production
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Durable consumer goods
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goods lasting more than three years, they suffer the most in a poor economy, refrigerators, TV's,
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aggregated demand
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what the whole is demanding
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Nominal GDP
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not adjusted for inflation, literal
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real GDP
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adjusted for inflation
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Capita
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means head
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GDP per capita
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= GDP/ total Population
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