GDP Flashcards
1
Q
What is GDP
A
Gross Domestic product is the value of goods & services produced within a given Time period from haircuts to books and millions of other services and products in the economy
2
Q
what is national accounts
A
system used to measure overall output and expenditure in a country
3
Q
3 equivalent ways to measure GDP
A
- total spending on domestic products
2.total domestic production - total domestic income
4
Q
what is nominal GDP
A
The production of goods and services valued at current prices
5
Q
What is real GDP
A
The measure of the value of output in the economy which takes in to account the changes in price over time
6
Q
What is GDP deflator
A
A measure of the level of prices for domestically produced output. This is the ratio of nominal GDP to real GDP ( Nominal GDP/ real GDP x 100 )
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