11-16 Flashcards
1
Q
Part of economics that deals with the economy as a whole and uses aggregate measures of output, income, prices, and employment
A
Macroeconomics
2
Q
Products that are components of other final product included in the GDP
A
Intermediate products
3
Q
Sales of used goods not included in GDP
A
secondhand sales
4
Q
Dollar value of all final goods, services, and structures produced in one year with labor and property owned by a country’s residents
A
Gross national product (GNP)
5
Q
Total amount of income going to the consumer sector before individual income taxes are paid
A
Personal income (PI)
6
Q
Formula for the GDP
A
Multiply all of the final goods and services produced in a 12 month period by their prices — then add them up to get the total dollar value of production
