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17 Cards in this Set
- Front
- Back
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gross domestic product (GDP)
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the market value of teh final goods and services produced in a country during a given period
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final goods or services
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goods or services consumed by the ultimate user; because they are the end products of the production process, they are counted as part of GDP
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intermediate goods or services
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goods or services used up in the production of final goods and services and therefore not counted as part of GDP
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capital good
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a long-lived good that is used in the production of other goods and services
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value added
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for any firm, the market value of its product or service minus the cost of inputs purchased from other firms
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consumption expenditure (or consumption)
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spending by households on goods and services such as food, clothing, and entertainment
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investment
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spending by firms on final goods and services, primarily capital goods
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government purchases
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purchases by federal, state, and local governments of final goods and services; government purchases do not include transfer payments, which are payments made by the government in return for which no current goods or services are received, nor do they include interest paid on the government debt
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net exports
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exports minus imports
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real GDP
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a measure of GDP in which the quantities produced are valued at the prices in a base year rather than at current prices; real GDP measures the actual physical volume of production
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nominal GDP
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a measure of GDP in which the quantities produced are valued at current-year prices; nominal GDP measures the current dollar value of production
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labor force
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the total number of employed and unemployed people in the economy
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unemployment rate
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the number of unemployed people divided by the labor force
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participation rate
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the percentage of the working-age population in the labor force (that is, the percentage that is either employed or looking for work)
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unemployment spell
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a period during which an individual is continuously unemployed
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duration
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the length of an unemployment spell
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discouraged workers
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people who say they would like to have a job but have not made an effort to find one in the past four weeks
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