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Cards In This Set
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National income accounting
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The techniques used to measure the overall productions of the economy and other related variables for the nation as a whole
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Gross domestic product (GDP)
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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
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Intermediate goods
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Products that are purchased for resale or further processing or manufacturing
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Final goods and services
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Goods and services that have been perchased for final use and not for rasale or further processing or manufacturing
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Multiple counting
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Wrongly including the value of intermediate goods in the same gross domestic product; counting the same good or service more then once
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Value added
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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
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Expenditures approach
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The method that adds all expenditures made for final goods and services to measure the gross domestic product
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Income approach
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The method that adds all the income generated by the production of final goods and services to measure the gross domestic product
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Personal consumption expenditures (C)
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The expenditures of households for durable and nondurable consumer goods and services
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Gross private domestic investment (Ig)
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Expenditures for newly produces capital goods (such as machinery, equiptment, tools, and buildings) and for additions to inventories
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Net private domestic investment
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Gross private domestic invetment less consumptions of fixed capital; the additions to the nation's stock of capital during a year
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Government purchases (G)
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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
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Net exports (Xn)
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Exports minus imports
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Taxes on production and imports
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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
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National income
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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
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