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Review Midterm 1

Review Midterm 1 - fast like food Investment – made by...

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GDP weakness – goods and services are not traded in the market GDP strength – they all have common units, easier to trade GNP – output of all citizens of the country, like China, mexico, therefore GNP goes up GDP increase also, measured annually of three times a year Final good – an item bought by its final use during a specific period Intermediate good – if item produced u sell it Consumption expenditures – total payment of goods and services , 3 categories durable good, health care,
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Unformatted text preview: fast like food Investment – made by firm, purchase of new firms plans and inventories Govt expenditures - xfer payments no included, Import, export, net export – value of export- value of import Govt saving – tax – spending Household saving – income – tax- household saving and expenditure National saving – household saving + govt saving, money to invest on equipment for future, investment to output, > output > gdp Nominal gdp – market value of final goods and services...
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