GDP Flashcards
1
Q
Gross Domestic Product
A
the market value of all final goods and services produced in a nation in a given time period
2
Q
3 Macro Goals
A
Stable prices
Sustained growth
Low unemployment
3
Q
Nominal GDP
A
the market value at current price and quantity
4
Q
Real GDP
A
the market value at a base year
5
Q
GDP (Expenditure Approach) =
A
C+I+G+(X-M)
6
Q
GDP (Income Approach) =
A
F+(indirect tax-subsidies)+ depreciation
7
Q
Calculate Nominal GDP
A
Price*Quantity, added together
8
Q
Calculate Real GDP
A
Price (base year)*Quantity (finding year)
9
Q
GDP Deflator=
A
Nominal GDP÷Real GDP
