ECONS FINALS

Is the market value of all final goods and service produced within a country in a given period of time.

• Gross domestic product

• Gross national product

• Investment

• Government spending

Is the market value of all the final products and services produced in one year by labor and property supplied by the citizens of a country

• Gross national product

• Gross domestic product

• Investment

• Income approach

The _____ to calculating GDP takes into account the sum of all final goods and services purchased in an economy 9ver a set of period of time.

Covers all expenditures by households on durable consumer goods (Cars, Appliances, Furnitures) and non durable consumer goods (Foods, Toiletries, School supplies)

• Personal consumption expenditures

• Investment

• Government Spending

• Net exports

(A) Expenditures for goods and services that government consumes in providing public service. (B) expenditures gor social capital such as schools and highways.

• Government Spending

• Investment

• Personal Consumption Expenditures

• Net exports

All final purchaces of machinery, equipment, and tools by business enterprises, all construction, and changes in inventories.

• Investment

• Net income

• Gross domestic product

• Net export

Net exports (X - M) spending on goods and services produced domestically but for foreign consumption (exports) less spending on goods and services produced abroad but consimed locally (imports)

• Net exports

• Exports (X)

• Imports (M)

• Free ports

Spending on goods and services produced domestically but for foreign consumptions.

It includes wages and salaries paid by the business and government to their employees

Less spending on goods and services produced abroad but consumed locally.