Macroeconomics GDP

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Last updated 2:30 PM on 9/19/22
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18 Terms

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GDP (Gross Domestic Product)
The dollar value of all final goods + services produced in a nation in a year
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Nominal GDP
Current prices, includes inflation
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Real GDP
Constant prices, takes out inflation
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Real GDP per capita
GDP / Population
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Nominal GDP - Inflation
Real GDP
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Final Goods
goods and services that have been purchased for final use and not for resale or further processing or manufacturing
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Intermediate Goods
goods used in the production of final goods; not included in GDP
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Double Counting
counting both the final and intermediate goods in GDP
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Expenditures Method
C + I + G + x (x-m)
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Consumer Spending
C
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Investment Spending
I
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Government Spending
G
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Net Exports
X
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Unemployment Rate
Unemployment / Labor Force
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4 components of GDP using income method
Wages, Interests, Rents, Profits
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Currently negative in US
Exports
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Investment Speanding
Businesses spending money
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Economic method that is negatively affected when GDP decreases
Unemployment

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