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13 Cards in this Set
- Front
- Back
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Microeconomics
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the study of how individuals and households make decisions
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macroeconomics
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study of the economy as a whole
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Gross Domestic Product
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Market value of all final goods and services produced within a country in a given period of time
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Intermediate Good
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When a company produces something, and another company uses it to create a product.
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Final Good
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The finished product created by the company creating the product
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Gross Domestic Product Components
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Consumptions, Investment, Gov't Purchases, and net exports
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Consumption
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Spending by households on goods and services
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Investment
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Purchase of goods that will be used in the future to produce more goods and services
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Government Purchases
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Spending on goods by local, state, federal government
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Net Exports
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Exports minus imports. Purchases of domestically produced goods by foreigners
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Real GDP
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Assessing goods and services at prices from the past to see how production has changed(to avoid increase in GDP due to inflation)
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Nominal GDP
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Uses current prices to place a value on the economy's production of goods and services
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GDP Deflator
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Nominal GDP/Real GDP X 100
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