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22 Cards in this Set
- Front
- Back
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national income accounting
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the techniques used to measure the overall production of the economy and other related variables for the nation as a whole
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gross domestic product (GDP)
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the dollar value of all final goods and services produced within the borders of a given country during a given period of time
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intermediate goods
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goods and services that are purchased for resale or for further processing or manufacturing
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final goods
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consumption goods, capital goods, and services that are purchased by their final users
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multiple counting
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wrongly including the value of intermediate goods in the GDP
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value added
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the market value of a firm's output less the value of the inputs the firm has bought from others
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expenditures approach
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the sum of all the money spent in buying it; output approach
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income approach
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the income derived or created from producing it; earnings/allocations approach
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personal consumption expenditures
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all expenditures by households on durable consumer goods, nondurable goods, and consumer expenditures for services
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gross private domestic investment
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expenditures for newly produced capital goods and for additions to inventories
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net private domestic investment
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gross private domestic investment less consumption of fixed capital
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government purchases
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government consumption of expenditures and gross investment
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net exports
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exports minus imports
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taxes on production and imports
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a national income accounting category that includes such taxes which firms treat as costs of producing a product and pass on to buyers by charging a higher price
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national income
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the total of all sources of private income plus government revenue from taxes on production and imports
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consumption of fixed capital
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the huge depreciation charge made each year against private and publicly owned capital each year
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net domestic product
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gross domestic product less the part of the year's output that is needed to replace the capital goods worn out in producing the output
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personal income
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includes all income received, whether earned or unearned
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disposable income
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personal income less personal taxes
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nominal GDP
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the GDP measured in terms of the price level at the time of the measurement (unadjusted for inflation)
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real GDP
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GDP that has been deflated or inflated to reflect changes in the price level
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price index
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a measure of the price of a market
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