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6 Cards in this Set
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- Back
- 3rd side (hint)
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GDP |
Gross domestic product is the monetary value of all finished goods and services produced within a country’s boarders in a specific time period. GDP is usually calculated on an annual basis, although it can be calculated on a quarterly basis as well. |
Value of all finished goods and services produced within a country in a set time period |
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GNP |
Gross national product is the market value of all the goods and services produced in one year by labour property supplied by the citizens of a county. Unlike gross domestic product, which defines production based on the geographical location of production, GNP allocates production based on location of ownership. |
Market value of all the goods and services produced in one year |
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GNI |
The gross national income is the total domestic and foreign output claimed by residents of a county, consisting of GDP plus incomes earned by foreign residents, minus income earned in the domestic economy by non-residents |
Total domestic and foreign output claimed by residents of a county |
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Nominal GDP |
Nominal GDP is measured at current market prices. Therefore, nominal GDP will include all of the changes in market prices that have occurred during the current year due to inflation or deflation |
Includes all of the changes in market prices that have occurred during the current year |
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Real GDP |
Real GDP is the value of economic output adjusted for price changes i.e., inflation or deflation. It is often referred to as “constant-price,” or “inflation-corrected” GDP |
The value of economic output adjusted for price changes |
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GDP per Capita |
This is the value of total output of the country divided by the average (or mid-year) population for the same year to provide the average income for a country. |
Total output divided by average |
