GDP
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| Gross Domestic Product or GDP | is the total market value of the goods and services produced within the United States in a year.
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| Consumption | spending (as defined by the expenditure approach) is private spending on final goods and services.
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| Investment | (as defined by the expenditure approach) spending is private spending on tools, plant, and equipment used to produce future output.
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| Imports | are goods and services produced in a foreign country that are purchased domestically.
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| Finished Goods or Services | are those that will not be sold again as part of some other good.
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| 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.
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| Government Purchases | are spending my all levels of government on final goods and services. Transfers are not included in government purchases.
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| Net Exports | is shorthand for the expression exports - imports or X-M.
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| Exports | are goods and services produced domestically that are purchased by someone in another country.
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| Intermediate Goods | refer to partially finished goods that are then used as an input to the production of other goods that become final goods.
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| 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.
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| Real GDP per capita | is real GDP divided by a country’s population.
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| 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.
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| Inflation | is a general increase in the overall price level of the goods and services in the economy.
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