GDP Flashcards
1
Q
GDP
A
The market value of all final goods and services produced within a country in a given time period.
2
Q
Consumption
A
Spending by households
3
Q
Investment
A
Spending on Capital Expenditure
4
Q
Transfer Payment
A
A payment for which no good or service is exchanged
5
Q
GDP at constant prices
A
GDP calculated using prices that existed at a particular base year.
6
Q
GDP Deflator
A
Measures current level of prices relative to the level of prices in the base year
