lesson 6 Flashcards

1
Q

study of the economy as a whole. branch of economics that concerns itself with market systems that operate on a large scale

A

macroeconomics

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2
Q

period of steady growth in output, along with an improvement in living standards

A

economic growth

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3
Q

it is to achieve a high and growing national outpute level to meet the population’s demands.

A

economic growth

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4
Q

market value of all final goods and services produce within a nation in a given time

A

gross domestic product

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5
Q

the measure of output is based on current prices

A

nominal gdp

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6
Q

the measure of output is based on changes in inflation

A

real gdp

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7
Q

formula of gdp

A

GDP = C + I + G + (X-M)
c - consumption
i - investment
g - government expenditure
x - exports
m - imports

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8
Q

approach where gdp is based on households, businesses, and the government in a given period

A

expenditure approach

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9
Q

approach where gdp is based on the earnings of the households, businesses, and the government in a given period

A

income approach

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10
Q

approach where the gdp is the sum of the amount of final goods and services produced and multiplied by their respective prices in a given period

A

flow of product approach

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11
Q

approach wherein gdp is the sum of the output (GVA) of the economy’s major industries for a given period.

A

gross value added (gva) approach

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12
Q

goods that are ready to consume

A

final goods

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13
Q

market value of all final goods and services produced by nationals of a country for a given period

A

Gross National Product

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14
Q

formula for GNP

A

GNP = GDP + NFIA

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15
Q

NFIA

A

net factor income abroad

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16
Q

total income received by the most basic factors of production of a country.

A

NI (national income)

17
Q

formula for national income

A

NI = w + r + i + profits

18
Q
A
18
Q

income received by an individual net of taxes.

A

disposable income or DI

19
Q

FORMULA FOR DISPOSABLE INCOME

A

DI= personal income + transfer payments - taxes

20
Q

what kind of payment are sss philhealth pag-ibig

A

transfer payments