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21 Cards in this Set

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