Eco- CH. 11 (GDP)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 3 Main MACRO Indicators (describing the state of the econ.) | show 🗑
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| show | P X Q
(selling price X quantity prod. -G & S)
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| spending method | show 🗑
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| income method (factor income) | show 🗑
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| show | 1. no gov't & no other countries
2. ALL money in/(income) is spent
3. no inflation (prices are stable)
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| GDP | show 🗑
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| show | final: GDP only counts finished products, NOT intermediate goods & raw materials
-WITHIN A COUNTRY
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| Included in GDP | show 🗑
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| show | 1. any spending on intermediate goods or inputs bc they're used up in prod. & are part of the value or final good
2. spending on used goods
3. any spending on financial assets (stocks & bonds)
4. any gov't spending on TRANSFER PAYMENTS
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| Excluded (out) from GDP (continued) | show 🗑
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| disposable income | show 🗑
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| nominal GDP (current or money GDP) | show 🗑
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| show | -GDP adjusted for inflation
-current year output/production X BASE YR. selling prices
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| base year | show 🗑
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| real GDP per capita | show 🗑
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Created by:
bbell123
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