Reading...
Play button
Play button
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;
34 Cards in this Set
- Front
- Back
|
Bureau of Economic Analysis
|
the agency in the U.S. in charge of compiling and publishing the national accounts
|
|
|
National Income and Product Accounts
|
a set of statistics compiled by the BEA concerning production, income, spending, prices and employment
|
|
|
United Nations System of National Accounts
|
a set of guidelines for countries about how to construct systems of national accounts
|
|
|
households and institutions sector
|
the sector consisting of households and nonprofit institutions serving households
|
|
|
business sector
|
the sector including all entities concerned with producing goods and services for profitable sale
|
|
|
government sector
|
the sector that includes all federal, state and local government entities
|
|
|
foreign sector
|
the sector consisting of entities located outside the borders of the U.S
|
|
|
fixed assets
|
equipment owned by business and governments; structures; residences; and software
|
|
|
inventories
|
stocks of raw materials or manufactured goods being held until they can be used or sold
|
|
|
consumer durable goods
|
consumer purchases that are expected to last longer than three years
|
|
|
gross domestic production
|
a measure of the total value of final goods and services newly produced in a country over a period of time
|
|
|
final goods
|
a good that is ready for use, needing no further processing
|
|
|
intermediate good
|
a good that will undergo further processing
|
|
|
value-added
|
the value of what a production sells less the value of the intermediate inputs it uses
|
|
|
imputation
|
a procedure in which values are assigned for some category of production, usually using values of related products or inputs
|
|
|
identity (accounting identity)
|
an equation where the two sides are equal by definition
|
|
|
closed economy
|
an economy with no foreign sector
|
|
|
open economy
|
an economy with a foreign sector
|
|
|
net exports
|
the value of exports less the value of imports
|
|
|
national income
|
a measure of all domestic incomes earned in production
|
|
|
nominal (current dollar) GDP
|
gross domestic product expressed in terms of current prices
|
|
|
real GDP
|
a measure of gross domestic product that seeks to reflect the actual value of producing goods and services produced by removing the effect of changes in price
|
|
|
base year
|
the year whose prices are chosen for evaluating production in all years
|
|
|
index number
|
a figure that measures the change in size of a magnitude, such as quantity or price, as compared to its magnitude in some other period
|
|
|
consumer price index
|
an index measuring changes in prices of goods and services bought by households
|
|
|
implicit price deflator (GDP deflator)
|
a price index derived by dividing nominal GDP by real GDP
|
|
|
rule of 72
|
a shorthand calculation that states that dividing an annual growth rate into the number 72 yields approximately the number of years it will take for an amount to double
|
|
|
net domestic product
|
a measure of national production above that needed to replace worn-out manufactured capital, found by subtracting depreciation from GDP
|
|
|
net saving
|
gross saving minus depreciation
|
|
|
traditional macroeconomic model
|
a simple, mechanical model that portrays the macroeconomy as being made up of businesses that produce and invest, and households and governments that consume
|
|
|
consumption (C)
|
the component of GDP that represents spending by households
|
|
|
investment (I)
|
the component of GDP that represents spending by households
|
|
|
government spending (G)
|
the component of GDP that represents spending by federal, state, and local governments
|
|
|
net exports (NX)
|
the component of GDP that represents the value of exports less the value of imports
|
