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Gross Domestic Product (GDP)
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Econ Chapter 12
Macroeconomic Performance
| Term | Definition |
|---|---|
| Macroeconomics | part of economics that deals with the economy as a whole and uses aggregate measures of output, income, prices, and employment |
| Gross Domestic Product (GDP) | the dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period |
| Intermediate Products | products that are components of other final products included in GDP |
| Secondhand Sales | sales of used goods not included in GDP |
| Nonmarket Transactions | economic activity not taking place in the market → not included in GDP |
| Underground Economy | unreported legal and illegal activities that do not show up in GDP stats |
| Base Year | yr serving as point of comparison for other yrs in price index or other statistical measure |
| Real GDP | gross domestic product after adjustments for inflation |
| Current GDP | gross domestic product measured in current prices, unadjusted for inflation |
| GDP Per Capita | gross domestic product on per person basis; can be expressed in current or constant dollars |
| Gross National Product (GNP) | total dollar value of all final goods, services, and structures produce din one yr with labor and property supplied by country’s residents, regardless of where production takes place |
| Net National Product (NNP) | GNP less depreciation charges for wear and tear on capital equipment |
| National Income (NI) | net national product less indirect business taxes |
| Personal Income (PI) | total amount of income to consumer sector before individual income taxes are paid |
| Disposable Personal Income (DPI) | person income less individual income taxes |
| Household | basic unit of consumer sector consisting of all persons who occupy house, apartment, or separate living quarters |
| Unrelated Individual | person living alone even though may have relatives living elsewhere |
| Family | two or more ppl living together, related by blood, marriage, or adoption |
| Output-Expenditure Market | macroeconomic model describing aggregate demand by consumer, investment, gov, and foreign sectors |
| Net Exports of Goods and Services | net expenditures by foreign sector; equal to total exports less total imports |
| Census | complete count of population, including place of residence |
| Urban Population | ppl living in cities, towns, and villages with 2,500 or more inhabitants |
| Rural Population | ppl not living in urban areas |
| Center of Population | point where the country would balance if it were flat and everyone weighed the same |
| Infrastructure | highways, mass transit, communications, power, water, sewerage, and other public goods needed to support a population |
| Baby Boom | historically high birthrate yrs in U.S. from 1946 to 1964 |
| Population Pyramid | diagram showing the breakdown of population by age and gender |
| Dependency Ratio | number of children and elderly ppl in population for every 100 ppl in the 18-64 working-age bracket |
| Demographer | person who studies growth, density, and other characteristics of a population |
| Fertility Rate | number of births that 1,000 women are expected to undergo in their lifetime |
| Life Expentancy | average remaining life span in yrs for ppl who attain a given age |
| Net Immigration | net population change after accounting for those who enter and leave a country |
Created by:
Damma15724
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