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________- the purchase of goods that will be used in the future to produce more goods and services.
________- spending by households on goods and services, with the exception of purchases of new housing.
Gross domestic product (GDP)
the market value of all final goods and services produced within a country in a given period of time.
________ continuously flows from households to firms and back to households.
A(n) ________ determines whether they can afford higher standards of living.
________- spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) 10.4 Real Versus Nominal GDP.
________ adds together different kinds of products into a single measure of the value of the economic activity.
spending on goods and services by local, state, and federal governments
the production of goods and services valued at current prices