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Economics Chp. 13 (1)

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  1. National Income Accounting
    Measurement of a country's total economic output and income.
  2. Gross domestic product (GDP)
    Total dollar value of all final goods and services produced by a country in one year
  3. GDP equation
    GDP= C + I + G + X
  4. Consumer Sector (C)
    • Goods and services bought directly by consumers  
    • (GDP Factors)
  5. Investment Sector (I)
    • Business purchases of items used to make other items (capital goods, land, natural resources)
    • (GDP Factors)
  6. Government Sector (G)
    • Goods and services purchased by local, state and federal governments (entitlements) 
    • (GDP Factors)
  7. Net Exports (X)
    The difference between imports and exports
  8. Trade balance
    Deficit if negative, surplus if positive
Author
hey_itsdarra
ID
247529
Card Set
Economics Chp. 13 (1)
Description
2nd 9 weeks
Updated
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