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21 Cards in this Set
- Front
- Back
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Standard of living
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The level of consumption of goods and services that people enjoy, on the average, measured by average income per person
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Gross domestic product (GDP)
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The market value of all the final goods and services produced within a country in a given time period
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Final good or service
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A good or service that is produced for its final user and not as a component of another good or service
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Intermediate good or service
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A good or service that is used as a component of a final good or service
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Consumption expenditure
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The expenditure by households on consumption goods and services
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Investment
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The purchase of new capital goods (tools, instruments, machines, buildings) and additions to inventories
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Government expenditure on goods and services
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The expenditure by all levels of government on goods and services
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Net exports of goods and services
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The value of exports of goods and services minus the value of imports of goods and services
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Exports of goods and services
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Items that firms in the United States produce and sell to the rest of the world
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Imports of goods and services
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Items that households, firms, and governments in the United States buy from the rest of the world
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Net taxes
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Taxes paid minus cash benefits received from governments
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Saving
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The amount of income that is not paid in net taxes or spent on the consumption goods and services
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Net domestic product at factor cost
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The sum of the wages, interest, rent, and profit
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Depreciation
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The decrease in the value of capital that results form its use and from obsolescence
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Statistical discrepancy
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The discrepancy between the expenditure approach and the income approach estimates of GDP, calculated as the GDP expenditure total minus the GDP income total
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Gross national product (GNP)
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The market value of all the final goods and services produced anywhere in the world in a given time period by the factors of production supplied by the residents of the country
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Disposable personal income
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Income received by households minus personal income taxes paid
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Real GDP
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The value of the final goods and services produced in a given year expressed in teerms of the prices in a base year
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Nominal GDP
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The value of final goods and services produced in a given year expressed in terms of the prices of that same year
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Real GDP per person
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Real GDP divided by the population
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Business cycle
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A periodic but irregular up-and-down movement of total production and other measures of the economic activity
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