Tiger Goods
Durable Goods
What is A consumer good with an expected life (use) of three or more years.
The techniques used to measure the overall production of a country's economy as well as other related variables.
What is National Income Accounting
The method that adds all expenditures made for final goods and final services to measure the gross domestic product.
What is Expenditures Approach
Expenditures for newly produced capital goods (such as machinery, equipment, tools, and buildings) and for additions to inventories
What is Gross Private Domestic Investment
Total income earned for resource suppliers for their contributions to gross domestic product plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors' income, and such taxes.
What is National Income
Non Durable Goods
What is A consumer good with an expected life (use) of less than three years
Wrongly including the value of intermediate goods in the gross domestic product; counting the same good or service more than once
What is Multiple Counting
The method that adds all the income generated by the production of final goods and final services to measure the gross domestic product
What is Income Approach
Gross private domestic investment less consumption of fixed capital; the addition to the nation's stock of capital during a year
What is Net Private Domestic Investment
The earned and unearned income available to resource suppliers and others before the payment of personal taxes.
What is Personal Income (PI)
Final Goods
What is Goods that have been purchased for final use (rather than for resale or further processing or manufacturing.)
The value of a product sold by a firm less the value of th products (materials) purchased and used by the firm to produce that product.
What is Value Added
An estimate of the amount of capital worn out or used up (consumed) in producing the gross domestic product; also called depreciation
What is Consumption of Fixed Capital
Gross Domestic product less the part of the year's output that is needed to replace the capital goos worn out in producing the output; the nation's total output available for consumption or additions to the capital stock
What is Net Domestic Product
Personal income less personal taxes; income available for personal consumption expenditures and personal saving
What is Disposable Income (DI)
Intermediate Goods
What is Products that are purchased for resale or further processing or manufacturing
Total income earned by resource suppliers for their contributions to gross domestic product plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors' income, and such taxes
What is National Income
The year with which other years are compared when an index is constructed; for example, the base year for a price index.
What is Base Year
Measured in terms of the price level at the time of measurement; GDP not adjusted for inflation.
What is Nominal GDP
Expenditures by government for goods and services that government consumes in providing public services as well as expenditures for publicly owned capital that has a long lifetime; the expenditures of all governments in the economy for those final goods and final services.
What is Government Purchases
A national income accounting category that includes such taxes as sales, excise, business property taxes, and tariffs that firms treat as costs of producing a product and pass on (in whole or in part) to buyers by charging a higher price.
What is Taxes on Production and Imports
An (intangible) act or use for which a consumer, firm, or government is willing to pay.
What is Services
The expenditures of households for both durable and nondurable consumer goods.
What is Process Consumption Expenditures
Is often referred to as "constant-price"
What is Real GDP
An index number that shows how the weighted-average price of a "market basket" of goods changes over time relative to its price in a specific base year.
What is Price Index