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Eco- CH. 11 (GDP)

TermDefinition
3 Main MACRO Indicators (describing the state of the econ.) 1) economic growth (INC GDP--> $28 T) 2) price level 3) unemployment rate
production method P X Q (selling price X quantity prod. -G & S)
spending method C + I + G + Nx --> net exports= exports-imports (consumers, businesses, gov't, other countries)
income method (factor income) -income that flows --> households related to the production in spending of & for G & S rent + wages + interests + profits= $29 T (land, labor, physical capital, entrepreneurship)
3 basic assumptions--flow diagram 1. no gov't & no other countries 2. ALL money in/(income) is spent 3. no inflation (prices are stable)
GDP total market value of all final goods & services produced within a country in 1 year
market value --3 ways to calculate GDP final: GDP only counts finished products, NOT intermediate goods & raw materials -WITHIN A COUNTRY
Included in GDP -domestically produced final G & S Business Investment Spending a) spending $ on physical capital that isn't used up in prod. process b) construction of all structures c) anything added to a business' inventory
Excluded (out) from GDP 1. any spending on intermediate goods or inputs bc they're used up in prod. & are part of the value or final good 2. spending on used goods 3. any spending on financial assets (stocks & bonds) 4. any gov't spending on TRANSFER PAYMENTS
Excluded (out) from GDP (continued) 5. non-market legal act. in spending (under table) 6. non-market illegal act. in spending (black market)
disposable income factor income + gov't transfer payments - taxes
nominal GDP (current or money GDP) -GDP NOT adjusted for inflation -current year output X current year selling prices
real GDP -GDP adjusted for inflation -current year output/production X BASE YR. selling prices
base year -year against which all other years are compared
real GDP per capita -a.k.a income per person -this is the best way to compare countries economies real GDP ------------- pop.
Created by: bbell123
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