Chapter 5 Flashcards
1
Q
Market Value
A
determine how much each good or service is worth and than sums the total
2
Q
Final Goods and Services
A
are sold to the final users and than consumed or help in personal inventories
3
Q
Intermediate goods
A
sold to firms and then bundled or processed with other goods or services for sale at a later stage
4
Q
Gross National Product
A
the market value of all the finished goods and services produced by a country’s permanent residents
5
Q
Nominal Variables
A
has not been adjusted for changes in price
6
Q
Real Variables
A
variables adjusted for inflation
7
Q
INCREASES IN PRODUCTION
A
improve the standard of living (not in prices)
