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;
14 Cards in this Set
- Front
- Back
|
National Income
|
Total income earned by resource suppliers for their contributions to GDP. Salaries, rent, intrest, profit, taxes.
|
|
|
GDP
|
Total market value of all final goods and services produced anually.
GDP=c+Ig+G+Xn |
|
|
Gross Private Domestic Investment
|
(Ig) Expenditures for newly produced capital goods, machinery, equipment, and tools.
|
|
|
Net Private Domestic Investment
|
Gross private domestic investment less consumption of fixed capital.
|
|
|
Expendetures Approach
|
Adds all expenditures made for final goods and services to meause the GDP.
|
|
|
Exports and GDP
|
Exports ^ GDP ^
|
|
|
Imports and GDP
|
Imports ^ GDP v
|
|
|
Net Exports
|
Exports-Imports.(Xn)
|
|
|
Price Index
|
An index number that shows how the weighted average price of a market basket of goods changs over time.
|
|
|
Nominal GDP
|
Measure of GDP in terms of the price leveal at the time of measurement(unadjusted for inflation).
|
|
|
Real GDP
|
GDP after being adjusted for inflation. GDP/Price index.
|
|
|
Final Goods
|
Goods that have been purchased for final use, not to be resold.
|
|
|
Disposable Income
|
Personal income-personal taxes.
|
|
|
Personal Income
|
The earned and unearned income of Indiviudals and households.
|
