flashcard
1 / 43
Front
Gross Domestic Product
❮ prev
next ❯
1 / 43
Back
the dollar amount of all final goods and services produced within a country's national borders in a year
❮ prev
next ❯
terms list
Gross Domestic Product
the dollar amount of all final goods and services produced within a country's national borders in a year
national income accounting
a system of statistics and accounts that keeps track of production, consumption, saving, and invstment to track overall economic performance
intermediate products
products used to make other products already counted in GPD.
secondhand sales
the sales of used goods
nonmarket transactions
transactions that do not take place in the market-are excluded because they are so difficult to measure
underground economy
unreported legal and illegal activities such as gambling, smuggling, prostitution, drugs, and counterfeiting
Gross national product
the dollar value of all final goods services and structures produced in one year with labor and property supplied by a countrys residents
inflation
a rise in the general price level
price index
a stastical series that can ve used to mesure changes in prices over time
base year
a year that serfves as the basis of comparison for all othe years
market basket consumer price index
a representative selection of commonly purchased goods and services and reports on price changes for about 80,000 iterms in 364 categories
producer price index
measurs price changes paid by domestic producers for their inputs
implicit GDP price deflator
is an index of average levels of prices for all goods and services in the economy
current GDP
when GDP is not adjusted to remove the effects of inflation
real GDP
when the distortions of inflation have been removed
GDP in constant dollars
when the distortions of inflation have been removed
census
an official count of all people, including their place fo residece
urban population
people living in incorporated villages or towns with 2,500 or more inhabitants.
rural population
makes up the remainder of the total populationk, including those persons who live in sparsely populated areas along the fringes of cities.
center of population
the point where the country would balance if it could be laid flat and all the people weighed the same.
demographers
people who study growth, density, and other characteristics of population
fertility rate
is the number of births that 1,000 women are expected to undergo in their lifetime.
life expectancy
is the remaining life span of people who reach a given age.
net immigration
the net change in population caused by people moving into and out of the country.
baby boom
the high birthrate years from 1946 to 1964
population pyramid
a type of bar graph that shows the breakdown of population by age and gender
dependency ration
a ratio based on the number of children and elderly for every 100 persons in the working-age bracket of 18 through 64.
real GDP per capita
the dollar amount of real GDP produced on a per person basis
Growth triangle
a table that shows annual compound rates of growth between selected periods of time
standard of living
means the quality of life based on the possession of necessities and luxuries that make life easier
tax base
the incomes and properties tht may be taxed
renewable resources
resources that can be replenished for future use.
capital-to-labor ratio
the total capital stock divided by the number of workers in the labor force
labor productivity
the amount of output produced per unit of labor input.
net national product
GNP less depreciation
national income
is th eincome that is left after all taxes except the cor porate profits tax are subtracted from NNP
personal income
the total amount of income going to consumers
disposable personal income
the total income the consumer sector has at its disposal after personal income taxes
household
is made up of all persons who occupy a house, apartment, or room that constitutes sperate living quarters
unrelated individual
a person who lives alone even though he or she may have family living else where
family
a group of two or more persons related by blood, marriage, or adoption who are living together in a household.
output-expenditure model
is a macroeconomic model used to show aggregate demand by the consumer, investment, government, and foreign sectors.
net exports of goods and services
a term that refers to the difference between the United States exports and its imports
similars
Econ Unit 13
43 items
en en
JayMerre11
44 items
en en
Econ Chapter 13
43 items
en en
Chapter 13 Economics
49 items
en en
likely
Chapter 6
24 items
en en
Economics: Principles and Practices Chapter 13
44 items
en en
Chapter 13, Section 1
43 items
en en
Econ Vocab Ch. 13
39 items
en en