Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
|
Household |
A person or a group of people who share income. |
|
|
Firm |
An organization that produces goods and services for sale. |
|
|
Product Markets |
Where goods and services are bought and sold. |
|
|
Factor Markets |
Where resources, especially capital and labor, are bought and sold. |
|
|
Consumer Spending |
Household spending on goods and services. |
|
|
Government Spending |
Payments that the government pays to individuals without expecting a good or service in return. |
|
|
Disposable Spending |
Equals to income plus government transfer minus taxes, is the total amount of household income available to spend on consumption and to save. |
|
|
Private Spending |
Equals to disposable income minus consumer spending, is disposable income that is not spent on consumption. |
|
|
Exports |
Goods and services sold to other countries. |
|
|
Imports |
Goods and services purchased from other countries. |
|
|
Inventories |
Stocks of goods and raw materials held to facilitate business operations. |
|
|
Investment Spending |
Spending on new productive physical capital, such as machinery and structures, and on changes in inventories. |
|
|
Intermediate Goods and Services |
Goods and services bought from one firm by another firm to be used as inputs into the production of final goods and services. |
|
|
Final Goods and Services |
Goods and services sold to the final, or end, user. |
|
|
Gross Domestic Product |
Total value of all final goods and services produced in the ecnonomy during a given year. |
|
|
Aggregate Spending |
The total spending on domestically produced final goods and services in the economy(is the sum of consumer spending (C), investment spending(I), government purchases of goods and services(G), and exports minus imports(X-IM). |
|
|
Value Added |
The value of its sales minus the value of its purchases of inputs. |
|
|
Net Exports |
The difference between the value of exports and the value of imports(X-IM). |
