Chapter 5 Flashcards

1
Q

Gross domestic product

A

The market value of all final goods and services produced within a country in a given period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Consumption

A

Spending by households on goods and services, with the exception of purchases of new housing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Investment

A

Spending on capital equipment, inventories, and structures, including household purchases of new housing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Government purchases

A

Spending on goods and services by municipal, territorial, provincial, and federal governments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Net exports/Trade balance

A

Nation’s exports - imports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Nominal GDP

A

Production of goods and services valued at current prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Real GDP

A

Production of goods and services valued at constant prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

GDP deflator

A

Nominal_GDP/real_GDP *100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly