GDP (3) FUNBUS

GDP

Total market

Final good

Good in a hands of the final user

Intermediate good

Input to the production of a final good

Double counting

Refers to a counting a good more than omce when computing GDP

Transfer payment

Payment of a person that is not made in return for goods currently supplied

Consumption

Expenditure in household sector

Imvestment

Expenditure in business sector

Government purchases

Expenditure in the government

Net exports

Expenditure in the foreign sector

Durable goods

Goods expected to last for more than 3 years

Non durable goods

Goods that are not expected to last for more than 3 years

Services

Intangible items

Imports

Total domestic spending on foreign goods

Exports

Total foreign spending on domestic goods

Real GDP

Is the value of the entire output produced annually within a country’s borders, adjusted for price changes

Economic growth

If real gdp in one is higher than real gdp