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Chapter 8 - GDP

Macro Midterm #1

GDP The market value of all final goods and services produced in a country during 1 year.
4 components of GDP Consumption (C), Investment (I), Government purchases (G), Net Exports (NX)
Consumption The value of all final goods and services purchased by households, excluding new houses.
3 categories of consumption 1. services 2. durable goods 3. Nondurable goods
Investment The value of all final goods and services purchased by firms used to produce other goods and services
Government Purchases The value of all final goods & services purchased by all levels of government
What doesn't G include? The salaries and wages of government workers.
Net Exports Exports minus imports
What is not included in GDP? 1. Household Production 2. Underground Economy 3. Intermediate Goods 4. Used Goods
Nominal GDP = P*Q
Real GDP = P(base year)*Q
%Change= (New Value - Old Value)/Old Value *100
GDP Deflator = (Nominal GDP/Real GDP) *100
Inflation = [(New GDP Deflator - Old GDP Deflator)/Old Deflator]*100
Gross National Product (GNP) The value of final goods and services produced by residents of the "home" country, even if some of the production occurs "abroad" and excludes production by foreign firms in the "home" country.
Created by: cindysmile79



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