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14 Cards in this Set
- Front
- Back
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Intermediate good |
A good that is not ready for purchase or the components that are used in producing a final product |
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GNP |
(Gross national product): the measure of the total market value of final goods and services produced by U.S. citizens- no matter where they live |
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GDP |
Gross domestic product: the total market value of all final goods and services produced annually in a country |
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Measuring GDP |
Net exports = exports-imports |
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4 sectors of GDP |
Household sector- consumption Business sector- investment Government sector-government purchases Foreign sector- import sector |
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GDP vs. quality of life |
GDP= GDP/ population |
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unemployment rate |
unemployed persons / civilian labor force |
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employment rate |
non-industrial adult civilian population |
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price index |
measure of the price level, or the average level of prices |
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percentage change in price |
price in later year- price in earlier year/ price in earlier year x100 |
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2 variables of GDP |
P & Q- calculated by multiplying the price of goods produced (P) by the quantity produced (Q) |
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base year |
a benchmark year (chosen as a point of reference for comparison) |
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real GDP |
GDP that has been adjusted for price changed GDP measured in base year |
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double counting
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counting a good more than once in computing GDP |
