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;
43 Cards in this Set
- Front
- Back
Data collected and published by the government describing the
various components of national income and output in the economy. |
national income and product accounts
|
|
The total market value of all final goods and services produced within a given period by factors of production located within a
country. |
gross domestic product (GDP)
|
|
Goods and services produced for final use.
|
final goods and services
|
|
Goods that are produced by one firm for use in further processing by another firm.
|
intermediate goods
|
|
The difference between the value of goods as they leave a stage of production and the cost of the goods as they entered that stage.
|
value added
|
|
The total market value of all final goods and services produced within a given period by factors of production owned by a
country’s citizens, regardless of where the output is produced. |
gross national product (GNP)
|
|
a method of computing GDP that measures the amount spent on all final goods during a given period
|
expenditure approach
|
|
a method computing GDP that measures the income--wages, rents, interest and profits--received by all factors of production in producing final goods.
|
income approach
|
|
a major component of GDP: expenditures by consumers on goods and services
|
personal consumption expenditures
|
|
goods that last relatively long time, such as cars and household appliances
|
durable goods
|
|
goods that are used up fairly quickly, such as food and clothing
|
nondurable goods
|
|
the things we buy that do not involve the production of physical things, such as legal and medical services and education
|
services
|
|
total investment in capital--that is, the purchase of new housig, plants, equipment and inventory by the private (or nongovernment) sector.
|
gross private domestic investment
|
|
expenditures by firms for machines, tools, plants and so on
|
nonresidential investment
|
|
expenditures by households and firms on new houses and apartment buildings
|
residential investment
|
|
the amount by which firms inventories change during a period. inventories are the goods that firms produce now but intend to sell later.
|
change in business inventories
|
|
the amount by which an assets value falls in a given period.
|
depreciation
|
|
the total value of all newly produced capital goods(plant, equipment, housing, and inventory)produced in a given period
|
gross investment
|
|
gross investment minus depreciation
|
net investment
|
|
expenditures by federal, state, and local governments for final goods and services
|
government consumption and gross investment
|
|
the difference between exports (sales to foreigners of US- produced goods and services) and imports(US purchases of goods and services from abroad). the figure can be positive or negative.
|
net exports
|
|
the total income earned by the factors of production owned by a country's ctiizens
|
national income
|
|
includes wages, salaries and various supplements--employer contributions to social insurance and pension funds, for example--paid to households by firms and by the government
|
compensation of employees
|
|
the income of unincorporated businesses
|
proprietors income
|
|
the income received by property owners int he form of rent
|
rental income
|
|
the income of corporate businesses
|
corporate profits
|
|
the interest paid by business
|
net interest
|
|
taxes such as sales taxes, customs duties, and license fees, less subsidies that the government pays for which it receives no goods or services in return
|
indirect taxes minus subsidies
|
|
net transfer payments by businesses to others
|
net business transfer payments
|
|
income of government enterprises
|
surplus of government enterprises
|
|
gross national product minus depreciation; a nation's total product minus what is required to maintain the value of its capital stock
|
net national product NNP
|
|
data measurement error
|
statistical discrepancy
|
|
the total income of household before paying personal income taxes
|
personal income
|
|
personal income minus personal income taxes. the amount that households have to spend of save
|
disposable personal income or after tax income
|
|
the amount of disposable income that is left after total personal spending in a given period
|
personal saving
|
|
the percentage of disposable personal income that is saved. if the personal saving rate it low, households are spending a large amount relative to their incomes;if it it high, households are spending cautiously.
|
personal saving rate
|
|
the current prics that one pays for goods and services
|
current dollars
|
|
gross domestic product measured in current dollars
|
nominal GDP
|
|
the importance attached to an item within a group of items
|
weight
|
|
the year chosen for the weights in a fixed weight procedure
|
base year
|
|
a procedure that uses weights from a given base year
|
fixed weight procedure
|
|
the part of the economy in which transactions take place and in which income is generated that is unreported and therefore not counted in GDP.
|
underground economy
|
|
GNP converted into dollars using an average of currency exchange rates over several years adjusted for rates of inflation
|
gross national income GNI
|