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7 Cards in this Set
- Front
- Back
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GDP |
total market value of all goods and services produced annually within a country's borders |
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intermediate goods |
goods that are inputs for the production of the final good |
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What's not included in GDP? |
- chores - underground activity - used goods - trading of stocks and bonds - gov't transfer payments - leisure time
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How to compute GDP? |
add the amount of money spent by buyers of final goods and services |
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income approach |
add sums of all incomes earned in producing goods and services |
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value-added approach |
add the value added at each stage of production of all goods and services |
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What are the 4 sectors of GDP? |
- household (consumption) - business (investments) - government (government purchases) - foreign (net exports) |
