Measuring the nation's income Flashcards
1
Q
What is GDP?
A
GDP is the final market value of goods & Services produce in an economy of a given periods
GDP is the measuring the of everyones income in an economy of a given time period
it is also income equal expenditure because someones expense is an income to someone.
2
Q
Final Goods?
Intermediate Goods
A
final goods are the end product that is consumed
Intermediate goods are goods to assemble final product
3
Q
What is the GDP components?
A
Y= C+I+G+NX
