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  1. GDP
    • gross domestic product
    • final goods and services produced within the country
  2. intermediate goods
    purchased for resale or for use in producing another good or service
  3. final market goods and services
    goods and services purchased by heir ultimate user
  4. Private investment
    • flow of private-sector expenditures on durable assets
    • enhance our ability to provide consumer benefits in the future
  5. depreciation
    amount of physical capital that is worn out or used up producing goods during a period
  6. inventory investment
    • changes in the stock of unsold goods
    • raw materials held during a period
  7. next exports
    exports minus imports
  8. exports
    goods and services produced domestically and sold to foreigner
  9. import
    goods and services produced by foreigners but buy by domestic consumers, business, or govt.
  10. indirect business taxes
    • taxes that increase business firm's cost
    • price charge to consumers
  11. national income
    • total income earned by country's nationale
    • sum of employee compensation
  12. GNP
    • Gross National Product
    • total market value of all final goods and services by he citizens of a country
    • equals to GDP minus the net income of foreigners
  13. net income of foreigners
    income that foreigner earned within the borders of a country minus the income tha nationals of the country earn abroad.
  14. Nominal value
    value expressed in current dollars
  15. real values
    values that have been adjusted for the effects of inflation
  16. inflation
    • increase in general level of prices of goods and services
    • dollar declines
  17. nominal GDP
    • GDP expressed at current prices
    • money GDP
Card Set:
2012-01-10 04:58:10

Economic class @ NU
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