Nations output and income
What is the definition of GDP?
The total market value of all final goods and services made in a country over 1 year
How often does the government do a census?
Every 10 years
What is the poverty threshold?
The benchmark used to evaluate the income that people receive, if they are under the threshold they are in poverty.
Is real or current GDP adjusted for inflation?
Real GDP
What is a census?
An official count of all people living in the US, including their place of residence
What is welfare?
Government programs that provide economic and social assistance to needy individuals
What is excluded from GDP?
Immediate products, secondhand sales, nonmarket transactions, underground economy
What are the three major factors that affect population growth?
Fertility, life expectancy and net immigration
What are enterprise zones?
Areas free of all taxes and other operating restrictions
What are different measures of national income?
Gross domestic product, net national product, national income, personal income, disposable personal income
Who are population trends important to?
Political leaders, community leaders, businesses
What are some antipoverty programs?
Income assistance, general assistance, social service, tax credits, enterprise zones, workfare programs, negative income tax.
What are the different economic sectors?
Consumer sector, investment sector, government sector and net foreign sector.
Why could the average age increasing cause problems?
There will be more demand for medicine, retirement homes, etc. and a decrease in demand for schools and facilities for young people
What are the ten reasons why incomes vary?
Education, wealth, tax law changes, decline of unions, more service jobs, advances in technology, monopoly power, discrimination, changing family structure, mobility between quintiles