The primary measure of the economy’s performance and the annual total output of goods and services.
What is GDP?
100
The expenditures approach is also known as the ______ approach.
What is "spending"?
100
Looks at the national income.
What is the Income Approach?
100
Provide essential information about economy's performance.
What are other national accounts?
100
Unadjusted for inflation; based on the price level that existed at the time of the output.
What is nominal GDP?
200
Measures the economy's overall performance, much like what private accounting does for an individual household.
What is National Income Accounting?
200
Looks at the sum of all money spent by consumers in purchasing the GDP.
What is the Expenditures Approach?
200
Money that is gained by suppliers of capital from businesses.
What is interest?
200
Also known as GDP adjusted for inflation.
What is net domestic product?
200
Adjusted for inflation to reflect changes in price level.
What is real GDP?
300
Social security, welfare, private allowance, bond sales, and used baseball cards have what in common in the measuring of the GDP? (Term, not explanation).
What are Non-production Transactions?
300
Both of these add private expenditures to the GDP formula.
What are consumption and investments?
300
______= WRIPSA
What is GDP?
300
In order to determine national income, business taxes are subtracted from net domestic product because the government is not __________.
What is an economic resource?
300
A measure of the price of a market basket in a specific year compared to the price of a market basket in a reference year.
What is the price index?
400
Annual total output of total goods and services? (Term other than "GDP" or "national income").
What is Aggregate Output?
400
Avoid the overstatement of domestic. production and spending.
What are net exports?
400
Byproducts of the GDP that are taken into account in order to provide the proper output measure.
What are indirect business taxes, consumption of fixed capital, and net foreign factor income?
400
Unearned income (such as welfare).
What are Transfer Payments?
400
Must be deflated in order to show real GDP.
What is nominal GDP?
500
Stockbroker services are _______ in the GDP measure.
What is "included"?
500
Government purchases intended for everyone's use (e.g. schools).
What is social capital?
500
Partly made up of BOTH unincorporated business income and dividends.
What are profits?
500
In order to determine personal income, _______ is subtracted from national income so that all unearned income is included in the personal income measure.
What are Social Security contributions?
500
Nominal GDP divided by _________ equals the price index.