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12 Cards in this Set
- Front
- Back
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a system that collects macroeconomic statistics on production, income, investment, and savings
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national income accounting
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the dollar value of all final goods and services produced within a country's borders in a given year
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gross domestic product (GDP)
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goods used in the production of final goods
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intermediate goods
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goods that last for a relatively long time, such as refrigerators, cars, and DVD players
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durable goods
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goods that last a short period of time, such as food, light bulbs, and sneakers
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nondurable goods
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GDP measured in current prices
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nominal GDP
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GDP expressed in constant, or unchanging, prices
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real GDP
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(GNP) the annual income earned by U.S.-owned firms and U.S. citizens
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gross national product
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the loss of the value of capital equipment that results from normal wear and tear
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depreciation
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the average of all prices in the economy
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price level
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the total amount of goods and services in the economy available at all possible price level
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aggregate supply
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the amount of goods and services in the economy that will be purchased at all possible price levels
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aggregate demand
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