GDP Flashcards
GDP
gross domestic product
definition of GDP
the total dollar value of all final goods and services produced in a country
dollar value
total selling price
normal gdp
measured in current prices
real GDP
adjusted for price change
limitations of GDP
illegal goods/bartered goods/things fixed but never sold
Gross national Product
annual income by US firms &ppl
Depreciation
loss of value from wear and tear
GDP per Capita
real GDP divided by the population
labour force includes
16+
not institutionalized
not in the military
employed/seeking employment
seasonal unemployment
unemployment due to seasons
frictional unemployment
brief prds of unemployment due to ppl moving btwn jobs /into the labor force
structural unemployment
mismatch btw skills & jobs available
cyclical unemployment
caused by decline in the economy
CPI consumer price index
shows how prices of necessary items are changing
full employment
no cyclical unemployment exists
