Chapter 7 Flashcards
1
Q
national income accounting
A
measures economies overall performances
2
Q
Bureau of Economic Analysis
A
complies national income and product accounts
3
Q
Income Aproach
A
count income derived production
4
Q
Expenditure Approach
A
count sum of money spent buying goodd
5
Q
expenditure approach
A
consumption+investment+government spending+ Net exports
6
Q
nominal
A
based on prices that prevailed when output was produced
7
Q
Real
A
reflects changes in price level
