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Flashcards in CH 8 Deck (11)
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1
Q

The market value of all final goods and services produces in a country during a period of time, typically one year

A

Gross Domestic Product

2
Q

A good or service purchased by a last user

A

Final good or service

3
Q

GDP Equation (Expenditure Method)

A

Y = C + I + G + NX

4
Q

GDP/ population

A

GDP per capita

5
Q

The value of final goods and services evaluated at current-year prices

A

Nominal GDP

6
Q

The value of final goods and services evaluated at base-year prices

A

Real GDP

7
Q

A measure of the price level, calculated by dividing nominal GDP by real GDP and multiplying by 100

A

GDP Deflator

8
Q

Production performed by citizens of a nation, including overseas production

A

Gross National Product

9
Q

GDP minus the consumption of fixed capital; i.e. GDP- depreciation

A

National income

10
Q

Income received by households; includes transfer payments, but excludes firms’ retained earnings

A

Personal Income

11
Q

Personal income minus personal tax payments; this measures the amount that households are able to spend or save

A

Disposable personal income