Economics Vocab - Ch. 24

All the vocab and key terms included in the review section of McConnell, Brue, and Flynn's Economics.  

I made these flash cards so I can study the vocab in the chapters well.

I in NO WAY claim these definitions as my own words!!!  They are all in the back of the book.

22 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
National income accounting
The techniques used to measure the overall productions of the economy and other related variables for the nation as a whole
Gross domestic product (GDP)
The total market value of all final goods and services produced annually within the boundaries of the United States, whether by U.S. - or foreign - supplied recources
Intermediate goods
Products that are purchased for resale or further processing or manufacturing
Final goods and services
Goods and services that have been perchased for final use and not for rasale or further processing or manufacturing
Multiple counting
Wrongly including the value of intermediate goods in the same gross domestic product; counting the same good or service more then once
Value added
The value of a product sold by a firm lass the value of the products (materials) purchased and used by the firm to produce the product
Expenditures approach
The method that adds all expenditures made for final goods and services to measure the gross domestic product
Income approach
The method that adds all the income generated by the production of final goods and services to measure the gross domestic product
Personal consumption expenditures (C)
The expenditures of households for durable and nondurable consumer goods and services
Gross private domestic investment (Ig)
Expenditures for newly produces capital goods (such as machinery, equiptment, tools, and buildings) and for additions to inventories
Net private domestic investment
Gross private domestic invetment less consumptions of fixed capital; the additions to the nation's stock of capital during a year
Government purchases (G)
Expenditures by government for goods and services that government consumes in providing public goods and for public capital that has a long lifetime; the expenditures of all governments in the economy for those final goods and services
Net exports (Xn)
Exports minus imports
Taxes on production and imports
A national income accounting catagory that includes such taxes as sales, excise, business property taxes, and tariffs which firms treat as costs of producing product and pass on (in whole or in part) to buyers by charging a higher price
National income
Total income earned by resource suppliers for their contributions to gross domestic product plus taxes on production and imports; the sum of wages and saleries, rent, interest, profit, proprietors' income, and such taxes