ECON EXAM II- Chapter 7

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

41293

Card Set

ECON EXAM II- Chapter 7

Description

econ

Updated

2010-10-11T06:52:22Z

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