Vocab Flashcards
Gdp
Market value of all the final goods and services produced within s country
Final good or service
Good or service produced for its final user
Intermediate goods or service
Used as a component of a final good or service.
Investment
Purchase of new capital goods and additions to inventories
Consumption expenditures
Expenditure by households on consumption goods and services
Government expenditure on goods and services
Expenditure by all levels of government on goods and services
Net exports of goods and services
Value of goods and services minus the value of imports of goods and services
Net taxes
Taxes paid minus benefits received from government
Exports of goods and services
Items that firms in the us produce and sell
Saving
The amount of income that is not paid in net taxes or spend on consumption goods and services
Net domestic product
Sum of wages interest rent and profit
Depreciation
Decrease in value of capital that results from its use and from obsolescence
Statistical discrepancy
Between expenditure approach and income approach
Gnp
Market value of all final goods and services produced anywhere in the world supplied by residents of the country
Disposable personal income
Income received by households minus personal income taxes paid
