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MacroEco Chap7.1-7.2

Terms

QuestionAnswer
Gross domestic product (GDP) The market value of all final goods and services produced in a country during a period of time, typically 1 year
Final good or service A good or service purchased by a final user
Intermediate good or service A good or service that is an input into another good or service. Ex. tire on a truck
Calculating GDP Add the total value of all FINAL GOODS AND SERVICES in a set period. Do not use intermediate goods or services.
Transfer payments Payments by the government to individuals for which the government does not receive a new good or service in return. Ex. Social Security
Consumption Spending by households on good and services, not including spending on new houses.
Investment Spending by firms on new factories, office buildings, machinery, and additions to inventories, plus spending by households and firms on new houses.
Personal Consumption Made up of 3 expenditures: SERVICES (medical care, education,haircuts, etc); NONDURABLE GOODS (food, clothing,etc.); DURABLE GOODS -( automobiles and furniture). New houses are not included in consumption->is investment
Categories of Investments 1) Business fixed investment- new factories, office buildings, and machinery to produce goods 2) Residential investiment- single/multi-unit houses 3)Changes in business inventories (goods produced but not yet sold)
Government purchases Spending by federal, state, and local governments on goods and services.
Net exports Exports minus imports
GDP Equation Y =C + I + G + NX; Symbols mean: Y = GDP; C = consumption; I = Investment; G = Government purchases; NX = Net exports;
Value added The market value a firm adds to a product.
Calculating Value Added Difference between the price for which the firms sells a good minus the price it paid other firms for intermediate goods.
Underground economy Buying and selling of goods and services that is concealed from the government to avoid taxes or regulations or because the goods and services are illegal.
Created by: ace100
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