Chapter 10 - Measuring a Nation's Income

studied byStudied by 3 People
0.0(0)

Investment

1/10

Tags & Description

Studying Progress

New cards
9
Still learning
0
Almost Done
0
Mastered
0
9 Terms
New cards

Investment

________- the purchase of goods that will be used in the future to produce more goods and services.

New cards
New cards

Consumption

________- spending by households on goods and services, with the exception of purchases of new housing.

New cards
New cards

Gross domestic product (GDP)

the market value of all final goods and services produced within a country in a given period of time.

New cards
New cards

Money

________ continuously flows from households to firms and back to households.

New cards
New cards

persons income

A(n) ________ determines whether they can afford higher standards of living.

New cards
New cards

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.

New cards
New cards

GDP

________ adds together different kinds of products into a single measure of the value of the economic activity.

New cards
New cards

Government purchases

spending on goods and services by local, state, and federal governments

New cards
New cards

Nominal GDP

the production of goods and services valued at current prices

New cards