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Macro Lesson 5

GDP

QuestionAnswer
Gross Domestic Product or GDP is the total market value of the goods and services produced within the United States in a year.
Consumption spending (as defined by the expenditure approach) is private spending on final goods and services.
Investment (as defined by the expenditure approach) spending is private spending on tools, plant, and equipment used to produce future output.
Imports are goods and services produced in a foreign country that are purchased domestically.
Finished Goods or Services are those that will not be sold again as part of some other good.
The Expenditure Approach calculates GDP by summing household consumption spending, investment expenditures, purchases by governments, and net exports. The equation is written as: C + I + G + (X-M) = GDP. This is also called the national spending approach.
Government Purchases are spending my all levels of government on final goods and services. Transfers are not included in government purchases.
Net Exports is shorthand for the expression exports - imports or X-M.
Exports are goods and services produced domestically that are purchased by someone in another country.
Intermediate Goods refer to partially finished goods that are then used as an input to the production of other goods that become final goods.
Nominal GDP is the total market value of the goods and services produced within the United States in a year using the market prices during the period being measured.
Real GDP per capita is real GDP divided by a country’s population.
Real GDP is the total market value of the goods and services produced within the United States in a year adjusted for changes in the price level relative to the base year.
Inflation is a general increase in the overall price level of the goods and services in the economy.
Created by: tamaralamb
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