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Chapter 26

Cowen and Tabarrok

TermDefinition
Gross Domestic Product the market value of all finished goods and services produced within a country in a year
GDP per capita GDP divided by population
Gross National Product the market value of all finished goods and services produced by a country’s residents wherever located in a year
Nominal Variables variables that have not been adjusted for changes in prices
Real Variables variables that have been adjusted for changes in prices using the same set of prices in all time periods
Recession a significant, widespread decline in real GDP and employment
Business cycles the short run movements in real GDP around its long-term trend
Consumption private spending on finished goods and services
Investment private spending on tools, plant, and equipment used to produce future output
Government Purchases spending by federal, state and local government on finished goods and services. Transfers are not included.
Net Exports the value of exports minus the value of imports
Created by: eclardy
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