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23 Cards in this Set

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National Income Accounting
The techniques used to measure the overall production of the economy and other related variables for the nation as a whole.
Gross Domestic Product (GDP)
The total market value of all final goods and services produced annually within the boundaries of Canada.
Intermediate Goods
Products that are purchased for resale or further processing and manufacturing.
Final Goods
Goods and serices that have been purchased for final use and not for resale or further processing or manufacturing.
Multiple Counting
Wrongly including the value of intermediate goods in the gross domestic product; counting the same good or service more than once.
Value Added
The value of the product sold by a firm,less the value ofthe product purchased and used by the firm to produce the product.
Expenditures Approach
The method that adds expenditures made for final goods and services to measure the gross domestic product.
Income Approach
The method that adds all the income generated by the production of final goods and services to measure the gross domestic product.
Personal Consumption Expenditures
The expenditures of households for durable and non-durable consumer goods and services.
Gross Investment
Expenditures for newly produced capital goods (such as machinery, equipment, tools, and buildings) and for additions to inventories.
Net Investment
Gross investment less consumption of fixed capital.
Capital Consumption Allowance
Estimate of the amount of capital worn out or used up (consumed) in producing the gross domestic product; depreciation.
Government Purchases
The expenditures of all goverments in the economy for final goods and services.
Net Exports
Exports minus imports.
Indirect Taxes
Such taxes as sales, business property taxes, and custom duties that firms treat as costs for producing a product.
Net Domestic Product (NDP)
Gross domestic product less the part of the year's output needed to replace the capital goods worn out in producing the output.
Net National Income (NNI)
Total income earned by resource suppliers for their contribution to GDP.
Personal Income
The earned and unearned income available to resource suppliers and others before the payment of personal income taxes.
Disposable Income
Personal income less personal taxes.
Nominal GDP
The GDP measured in terms of the price level at the time of measurement (unadjusted for inflation).
Real GDP
Nominal gross domestic product adjusted for inflation.
Price Index
An index number that shows how the weighted average price of a "market basket" of goods changes through time.
GDP Deflator
An implicit price index calculated by dividing nominal GDP by real GDP and multiplying by 100.