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17 Cards in this Set
- Front
- Back
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GDP |
Gross Domestic Product, Produced in the U.S. (regardless of who) |
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GNP |
Gross National Product, Produced by the U.S. (regardless of where) |
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Final Good |
Goods/Services that are purchased for final use by the consumer |
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Intermediate Good |
Goods/Services that are purchased for resale/processing |
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Purely financial transactions |
Transfer payments, buying and selling stocks |
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Old output |
Secondhand sales |
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Expenditure Approach |
C + I + G +Xn |
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Income Approach |
National Income + Depreciation + (Indirect taxes-Subsidies) + Net Factor Payments to the Rest of the World |
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GDP to GNP |
+ Receipts - Payments |
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GNP to NNP |
- Depretiation |
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NNP to NI |
- Indirect taxes-Subsidies |
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NI to PI |
- Corp. Profits-Dividends - Social insurance + Personal interest (from Govt.) + Transfer payments |
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PI to DPI |
- Personal taxes |
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Price Index |
Measure relative to price changes Price per Unit/Base Year x 100 |
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Nominal GDP |
Current dollar GDP (unadjusted) Units of Output x Price per Unit |
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Adjusted/Real GDP |
Inflation adjusted GDP Units of Output x Base Year Price per Unit |
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Percent of Change |
How much GDP has changed (New - Old)/Old |
