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10 Cards in this Set

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  • Back
What does GDP stand for and what does it mean?
Gross Domestic Product. The total amount of goods and services produced in the US in a set time.
What does the GDP measure?
Standard of living.
What is the GDP measured in?
In dollars
What does GNP stand for? What does it mean?
Gross National Product. included goods and services by things outside the US owned by Amreicans.
Is the GNP used anymore? Why or Why not?
No, just because the US owns something in France does not mean it helps/supports the US.
Define disposable personal income.
What a person can spend after taxes.
What does Real GDP mean?
Gross Domestic Product minus inflation.
Define CPI & explain.
Consumer Price Index: Are prices going up or down?takes a bundle of goods and services and tracks them looking for prices. Reports when the bundle of goods has changed.
Explain some of the arguments regarding CPI.
How can you measure products from a 5 or 10 year time period when things are changing so fast due to technology. What year do you use as your base price? The CPI only works when you measure the same product.
Inflation
Increase in prices due to an increase in money supply