Macroeconomics Chapter 10
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Gross domestic product (GDP)
The market value of all final goods and services produced within a country in a given period of time.
Spending by households on goods and services, with the exception of purchases of new housing.
Spending on capital equipment, inventories, and structures, including household purchases of new housing.
Spending on goods and services by local, state, and federal governments.
The production of goods and services valued at current prices.
The production of goods and services valued at constant prices.
A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.
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