econ chapter 23

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16 Terms

1

Macroeconomics

The branch of economics that deals with statistics about the entire economy, including GDP, exports, total income, inflation, and unemployment.

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2

Gross Domestic Product (GDP)

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

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3

Final Goods

Goods that have completed the production process and are ready for sale to the end user.

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4

Intermediate Goods

Goods that are used to produce final goods and are not counted in the GDP.

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5

Nominal GDP

The value of goods and services produced in a year measured using current prices.

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6

Real GDP

The value of goods and services produced in a year using constant base-year prices.

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7

Components of GDP

The equation Y = C + I + G + NX, where Y is GDP, C is consumption, I is investment, G is government spending, and NX is net exports.

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8

Statistical Discrepancy

The difference between the income method and the expenditure method of calculating GDP, often due to differences in data sources.

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9

GDP Deflator

An index that measures the current level of prices relative to the level of prices in a base year.

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10

Net Exports

The value of a country's total exports minus its total imports.

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11

Investment (in GDP terms)

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

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12

Consumption (in GDP terms)

Spending by households on goods and services.

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13

Government Spending

Spending on goods and services by local, state, and federal governments, excluding transfer payments.

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14

Economic Well-Being and GDP

GDP may not measure some valuable aspects of well-being, such as leisure versus work and environmental impacts.

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15

Inflation Rate

The percentage change in the price level, often calculated using the GDP deflator.

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16

Seasonal Adjustment of GDP

Modifying GDP data to account for seasonal fluctuations in production and sales.

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