eco chapter 5

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Last updated 7:42 PM on 10/7/26
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10 Terms

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GDP

location = who’s soil is it on?

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GNP

ownership= who owns it?

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Nominal GDP

Current Price × Current Qty, mix of inflation and actual production

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Real GDP

Base Year Price × Current Qty, only physical procution

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GDP deflator

nominal / by real x 100

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GDP definition

The market value of all final goods and services produced within a country's borders during a specific time period.



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Intermediate goods

Ingredients or components used to create another product

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Final goods

Completed product bought by the end consumer

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Inventory goods

goods that a company produced but hasn’t sold yet

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