Chapter 5: GDP And Such Flashcards
1
Q
GDP
A
Market value of all final goods and services produced within a country on a given period of time
2
Q
GDP formula
A
Y=C+I+G+NX
3
Q
Y =
A
GDP
4
Q
C=
A
Consumption
5
Q
I=
A
Investment
6
Q
G =
A
Government purhacses
7
Q
NX=
A
Net exports
8
Q
Consumption
A
Spending on household good and services
Haircuts, cars
9
Q
Investment
A
Purchase of goods/ services that will be used in the future to produce more goods and services
10
Q
Net exports
A
Exports - imports
11
Q
Nominal GDP
A
Production of good / services valued at current prices
12
Q
Real GDP
A
The production of goods and services valued at constant price
13
Q
GDP deflator
A
Nominal / real DGP x100
