eco ch.3 Flashcards
1
Q
Disposable Income
A
The income that is left after taxes, total personal income
2
Q
Gross Domestic Product
A
The value of all final goods and services produced within the borders of a country in given year
3
Q
Gross National Product
A
A measure of how much is being produced only by the citizens of that particular nation
4
Q
Paradox of Thrift
A
An example of the sum is greater than the parts
5
Q
Stock
A
A share of ownership in a firm
6
Q
Consumption
A
Consumer spending on goods and services
7
Q
Total Personal Income
A
The sum of your income which comes from all the payments you receive from providing the factors of production plus any transfer payment you receive from the government
