Studied by 3 people
Investment
________- the purchase of goods that will be used in the future to produce more goods and services.
Consumption
________- 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.
Money
________ continuously flows from households to firms and back to households.
persons income
A(n) ________ determines whether they can afford higher standards of living.
Net exports
________- spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports) 10.4 Real Versus Nominal GDP.
GDP
________ per person seems a natural measure of the economic well- being of the average individual.
GDP
________ adds together different kinds of products into a single measure of the value of the economic activity.
Government purchases
spending on goods and services by local, state, and federal governments
Nominal GDP
the production of goods and services valued at current prices
Note
Flashcard