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Economics 201 Ch 5

Principles of Economics Ch 5

QuestionAnswer
Gross Domestic Product The market value of all final goods and services produced annually.
Intermediate Good A good that has not reached its final user, but rather is an input in the production of another good.
Nonproduction transactions include: Used goods, financial transactions, and transfer payments.
Transfer Payments Transfers of income from the government to households or businesses.
Two measures of Total Output GDP and National Income
Total Expenditures consists of four types of spending: Consumption, Investment, Government purchases, and Net Exports
Investment The acquisition of new physical capital.
Investment consists of: New capital, changes in business inventories, and new residential housing.
Net Exports= Exports - Imports
Exports Total foreign purchases of domestic goods.
Imports Total domestic purchases of foreign goods.
Government Purchases Spending by federal, state, and local governments on goods and services.
National income consists of these types of payments. Employee compensation, proprietor's income, corporate profits, Rental income, and Net interest income.
Real GDP GDP adjusted for changes in the price level.
Absolute Economic Growth Refers to an increase in Real GDP.
The phases of the business cycle: 1.Expansion, 2. Peak, 3. Contraction, and 4. Trough
Expansion When Real GDP is increasing.
Peak The highest phase of the business cycle.
Contraction When the Real GDP is decreasing.
Trough The lowest phase of the business cycle.
Created by: dengler
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