Economics Vocab Section 3.1
Terms
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- GNP
- aggregate final output of citizens and businesses of an economy in one year
- nominal GDP
- the current prices of the output period and thus contains an element of inflation or deflation
- GDP
- an account of the money value of goods and services produced within an economy - regardless of domestic or foreign ownership of the firms
- wealth accounts
- a way a country measures its wealth, a balance sheet of its assets and liabilities
- intermediate products
- products used to make another product
- real GDP
- nominal GDP over years to allow real comparisons of output over time
- national income accounting
- a set of principles and methods used to measure the income and production of a country
- net domestic product
- an estimate of how much a country has to spend to maintain its current GDP
- net foreign factor income
- added to GDP to go from GDP to GNP
- value added
- monetary value added to a good in one company's possession
- disposable personal income
- extra money that a person has after paying for all neccessities
- national income
- the sum total of all final goods and services produced in an economy during a given time period - usually one year