Macroeconomics Chapter 10

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  1. Gross domestic product (GDP)
    The market value of all final goods and services produced within a country in a given period of time.
  2. Consmption
    Spending by households on goods and services, with the exception of purchases of new housing.
  3. Investment
    Spending on capital equipment, inventories, and structures, including household purchases of new housing.
  4. Government purchases
    Spending on goods and services by local, state, and federal governments.
  5. Nominal GDP
    The production of goods and services valued at current prices.
  6. Real GDP
    The production of goods and services valued at constant prices.
  7. GDP deflator
    A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.
Card Set
Macroeconomics Chapter 10
Chapter 10
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