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