GDP Flashcards
0
Q
Real GDP
A
GDP plus inflation. Used to compare GDPs from different times.
1
Q
Nominal value
A
Output measured in current prices and not adjusted for inflation. They are only true at the time.When comparing nominal values, they can be distorted by inflation.
2
Q
Formula for GDP
A
C + I +G + X = GDP C= consumer spending I = investment (firms spending) G = government spending (government buying things) X = exports
3
Q
GDP
A
Gross Domestic Product, the total value of goods and services produced in an economy in a given time period
