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20 Cards in this Set

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the total market value of all final goods and services produced within a nations borders in a given time period.
Gross domestic product GDP
Total GDP divided by total pouplation. Average GDP
GDP per capita
Goods or services purchased for use as input in the production of final goods or in services.
intermediate goods
The increase in the market value of a product that takes place each stage of the production process.
value added
The value of final output produced in a given period, measured in the prices of that period (current prices)
nominal GDP
The value of final output produced in a given period, adjusted for changing prices.
real GDP
The time period used for comparative analysis, the basis for indexing, for example, of price changes.
base period
The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology
production possibilities
The consumption of capital in the production process; the wearing out of plant and equipment.
depreciation
GDP less depreciation
net domestic product
Expenditures on new plant, eqquipment, and structures (capital) in a given time period, plus changes in business inventories.
investment
total investment expenditure in a given time period
gross investment
gross investment less depreciation
net investment
Goods and services sold to international buyers.
Exports
Goods and services purchased from international sources.
imports
The value of exports minus the value of imports.
net exports
Total income earned by current factors of production: GDP less depreciation and indirect business taxes, plus net foreign factor income.
national income
income received by households before payment of personal taxes
personal income
After tax income of households; personal income less personal taxes
disposable income
That part of disposable income not spent on current consumption; disposable income less consumption.
saving