Chap 23 Macroeconomics

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Author:
amgallegos
ID:
131424
Filename:
Chap 23 Macroeconomics
Updated:
2012-01-29 14:46:19
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Vocab
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Description:
Chapter 23 vocab
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  1. Gross Domestic Product (GDP)
    the market value of all final goods and services produced within a country in a given period of time
  2. "Market Value"
    • price equals its value measured in same units: dollars
    • no value is excluded
    • EX: cleaning your own house
  3. "Final Goods"
    intended for end user
  4. Intermediate Goods
    • used as components or ingredients in production of other goods
    • DON'T COUNT
  5. "Goods and Services"
    • tangible goods and intangible services
    • DVD's and cell phone service
  6. "Produced"
    only current goods
  7. "Within a Country"
    measures production within a country's borders whether done by foriegners or not
  8. "Given Period of Time"
    usually 1 year or quarter (3 months)
  9. Consumption (C)
    • total spending by households on goods and services, with the exception of purchases of new housing
    • include rent payments
    • Imputed rental value: how much house would rent for in area, not purchase price
  10. Investment (I)
    total spending on capital equipment, inventories, and structures, including household purchases of new housing
  11. Government Purchases (G)
    • spending on goods and services by local, state, and federal governments
    • EX: social security
  12. Net Exports (NX)
    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
  13. Total Spending in GDP
    C + I + G + NX
  14. Nominal GDP
    production of goods and services valued at current prices
  15. Real GDP
    production of goods and services valued at constant prices
  16. GDP Deflator
    measure of the price of level calculated as the ratio of nominal GDP to real GDP times 100

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