Macroeconomics GDP

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GDP (Gross Domestic Product)

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18 Terms

1

GDP (Gross Domestic Product)

The dollar value of all final goods + services produced in a nation in a year

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2

Nominal GDP

Current prices, includes inflation

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3

Real GDP

Constant prices, takes out inflation

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4

Real GDP per capita

GDP / Population

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5

Nominal GDP - Inflation

Real GDP

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6

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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7

Intermediate Goods

goods used in the production of final goods; not included in GDP

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8

Double Counting

counting both the final and intermediate goods in GDP

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9

Expenditures Method

C + I + G + x (x-m)

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10

Consumer Spending

C

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11

Investment Spending

I

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12

Government Spending

G

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13

Net Exports

X

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14

Unemployment Rate

Unemployment / Labor Force

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15

4 components of GDP using income method

Wages, Interests, Rents, Profits

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16

Currently negative in US

Exports

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17

Investment Speanding

Businesses spending money

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18

Economic method that is negatively affected when GDP decreases

Unemployment

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