GDP Quiz

GDP

Total market value of all final goods and services within the borders of a country in one fiscal year (October 1- September 30)

Final good

newly produced goods that have reached their final consumer

will not be or not meant to be resold to anyone else

Intermediate goods

window glass, flour, lumber, cloth, metal 

CGI

GDP focuses on three parts- consumer goods, government purchases, and investment goods

C

family (household) spending on consumer goods and services

G

government purchases of goods and services 

I

spending by companies and households on new capital such as factories, tools, inventory increases or decreases, and new house

Easiest way to measure economic growth?

looking at GDP

Growth

considered a 2-3% increase in the GDP over one year