GDP

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27 Terms

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micro
individuals and firms
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macro
economy as a whole
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GDP
measures total income of everyone in the economy
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income =
expenditure
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factors of production
inputs (labor, land, capital, and natural resources)
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final goods
intended for the end user
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intermediate goods
used as components/ingredients in the production of other goods
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Which type of goods are counted in GDP?
Final Goods
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annual
actual
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annualized
prediction (multiplied by 4)
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GDP =
total spending
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GDP formula
Y (GDP) = C + I + G + NX
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Consumption
total spending by households on goods and services
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consumption and housing
rent payments and imputed rental value are included, mortgage and purchase price aren’t
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Investment
total spending on goods that’ll be used in the future to produce more goods
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examples that are included in investment
capital: equipment, structures, inventory
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What years count in GDP?
Only the year the good was produced
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Government Purchases
all spending on goods and services done by the government (excluding transfer payments)
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Net Exports equation
NX = exports - imports
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Net Exports
represents foreign spending on the economy, must be produced in the country towards the GPD is being counted for
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value added
cost of intermediate goods added into the final price
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Nominal GDP
not corrected for inflation
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Nominal GDP equation
(price \* *amount) + (price* \* amount)
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Real GDP
corrected for inflation
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Real GDP equation
(base year price *amount) + (base year price* \* amount)
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Percentage change equation
% change = ending value - starting value/starting value
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GDP deflator
GDP Deflator = 100 (nominal/real)

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