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
2
Q
Consumption
A
Spending by households on goods and services, with the exception of purchases of new housing
3
Q
Investment
A
Spending on capital equipment, inventories, and structures, including household purchases of new housing
4
Q
Government purchases
A
Spending on goods and services by municipal, territorial, provincial, and federal governments
5
Q
Net exports/Trade balance
A
Nation’s exports - imports
6
Q
Nominal GDP
A
Production of goods and services valued at current prices
7
Q
Real GDP
A
Production of goods and services valued at constant prices
8
Q
GDP deflator
A
Nominal_GDP/real_GDP *100
