Term
GDP
Gross Domestic Product |
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Definition
The market value of all final goods and services produced within a country during a given time period.
Has four partst:
1.) Market Value
2.) Final goods and services
3.) Produced within a country
4.) In a given time period |
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| An item that is bought by its final user during the specified time period. |
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| An item that is produced by one firm, bought by another firm, and used as a component of a final good or service. |
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| The total payment for consumer goods and services. |
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| The purchase of new plant, equipment, and buildings, and additions to inventories. |
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| Goods and services bought by government |
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| The goods and services that we sell to people in other countries. |
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| The goods and services we buy from people in other countries. |
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| The value of exports of goods and services minus the value of imports of goods and services |
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| The interest households receive on loans they make minus the interest households pay on their own borrowing. |
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| Measure of national income. It is a way to measure the GDP or Gross Domestic Product (A measure of the level of economic activity). It is defined as the value of planned goods and services produced in an economy. (Total Expenditure) |
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| the payment for the use of land and other rented resources |
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| Profits of corporations, some of which are paid to households in the form of dividends and some of which are retained by corporations as undistributed profits. They are all income. |
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| The income earned by the owner-operator of a business, which includes compensation for the owner's labor, the use of the owner's capital, and profit. |
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| Payment by the government to a producer. |
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| Household production, underground ecoonomic activit, health and life expectancy, leisure time, environmental quality, political freedom and social justice |
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| Chained-Dollar Real GDP** |
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| Employment-to-Population Ratio |
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| Labor Force Participation Rate |
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| Marginally Attached Worker |
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| Natural Unemployment Rate |
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| Consumer Price Index (CPI) |
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| Aggregate Production Function |
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| Relationship between the quantity of labor demanded and the real wage rate. |
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| The relationship between the quantity of labor supplied and the real wage rate. |
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| Neoclassical Growth Theory |
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