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ECON EXAM II- Chapter 7
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GDP
market value of all final g&s
final GorS
something purchased by a final user
intermediate GorS
is an input into another GorS (tire on a truck)
net exports
exports-imports
GDP equation
Y= C+I+G+NX
underground economy
selling of GorS that is hidden from the gvmt (illegal, drugs)
nominal GDP
value of a GorS evaluated at the current year prices
real GDP
value of a GorS evaluated at base year price
GDP deflator
Nominal GDP/ Real GDP x 100
costs and inefficiency can emerge from
private sector behavior
governor asks residents to exercise more...people become more fit
firms locate in indiana (perceive lower costs) creating more jobs and tax revenue
Author
cthuruth
ID
41293
Card Set
ECON EXAM II- Chapter 7
Description
econ
Updated
2010-10-11T06:52:22Z
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