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12-1 Vocabulary JW
Vocabulary JW
| Question | Answer |
|---|---|
| National Income Accounting | A way of evaluating a country's economy using statistical measures of its income, spending, and output. |
| Gross Domestic Product (GDP) | The market value of all final goods and services produced within a nation in a given period of time. |
| Nominal GDP | States GDP in terms of current value of goods and services. |
| Real GDP | States GDP corrected for changes in prices from year to year. |
| Nonmarket activities | Services that have potential economic value but are performed without charge. |
| Underground economy | Describes market activities that go unreported because they are illegal or because those involved want to avoid taxation. |
| Gross National Product (GNP) | The market value of all final goods and services produced (by) a country. Remember, some countries produce goods/services outside their borders. |
| Net national product (NNP) | The value of final goods and services less the value of capital goods that have become worn out. |
| National Income (NI) | The total income earned in a nation from the production of goods and services. |
| Personal Income (PI) | The income received by a country's people from all sources. |
| Disposable personal income (DPI) | Personal income minus taxes. |
Created by:
joannw15
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