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ECN 221 Ch 15

Measuring a Nation's Income

QuestionAnswer
microeconomics the study of how households and firms make decisions and how they interact in markets
macroeconomics the study of economy wide phenomena, including inflation, unemployment, and economic growth
gross domestic product (GDP) the market value of all final goods and services produced within a country in a given period of time
consumption spending by households on goods and services, with the exceptionnof purchases of new housing
investment spending on capital equipment, inventories, and structures, including household purchases of new housing
government purchases spending on goods and services by local, state, and federal governments
net exports spending on domestically produced goods by foreigners(exports) minus spending on foreign goods by domestic residents (imports)
nominal GDP the production of goods and services valued at current prices
real GDP the production of goods and services valued at constant prices
GDP deflator a measure of the price level calculated as the ration of normal GDP to real GDP times 100
Created by: 516311431
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