G
Gross Domestic Product
What percent does Personal Consumption take up of GDP?
70%
Military Equipment and Highways fall under what category of GDP?
Government Expenditures
What kind of goods are used to make other products, like flour that goes into the birthday cake.
Intermediate Goods
This number tracks how prices change over time, relative to its price in a specific base year.
Price Index
Why do we calculate GDP?
to understand a country's economic health, track growth over time, and inform policy and business decisions.
What is money the government gives people — like Social Security or veterans’ benefits
Public Transfer Payments
What kind of GDP is measured with the prices from that year — like seeing your allowance in today’s dollars, not adjusting for inflation
Nominal GDP
GDP per Capita
What is "“Consumption + Investment + Government Spending + Net Exports.” the calculation for?
Calculation for GDP
What kinds of goods are ready to be used, like a birthday cake you buy and eat
Final goods/services
What is national income minus taxes & corporate stuff, plus transfer payments
Personal Income
What is an underground economy?
What is money people give each other — like gifts, inheritance, or donations — with nothing expected in return.
Private Transfer Payments
What kind of GDP adjusts for inflation — the ‘true’ measure of how much stuff we make
Real GDP