Chapter 2 Flashcards
1
Q
GDP
A
Best measure of how well the economy is performing
2
Q
National income accounting
A
System used to measure GDP and many related stats
3
Q
Imputed value
A
The estimate of the value of goods and services
4
Q
Nominal GDP
A
Value of goods and services at current prices
5
Q
Real GDP
A
Value of goods and services using a constant set of prices
6
Q
GDP Deflator
A
Nominal GDP/Real GDP
7
Q
National income accounts identity
A
Y=C+I+G+NX
8
Q
Consumption
A
Household expenditures on goods and services
9
Q
Investment
A
Items bought for future use
10
Q
Government Purchases
A
Goods and services bought by federal, state, local governments
11
Q
Net Exports
A
Accounts for trade with other countries
12
Q
Consumer Price Index
A
Measure of the level of prices
13
Q
Labor-force participation rate
A
Percentage of adult population in labor force
