EconCh6 - Chapter 6 National income and product accounts...

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Chapter 6 National income and product accounts – Data collected and published by the government describing the various components of national income and output in the economy Gross domestic product (GDP) – The total market value of all final goods and services produced within a given period by factors of production located with in a country Final goods and services – Goods and services produced for final use International goods – Goods that are produced by one firm for use in further processing by another firm. Value added – The difference between the value of goods as they leave a stage of production and the cost of the goods as they entered that stage Gross national product (GNP) – The total market value of all final goods and services produced within a given period by factors of production owned by a country’s citizens, regardless of where the output is produced Expenditure approach – A method of computing GDP that measure the amount spent of all final goods during a given period Income approach – A method of computing GDP that measures the income—wages, rents, interest, and profits— received by all factors of production in producing final goods Personal consumption expenditures (C) – A major component of GDP: expenditures by consumers on goods and services Durable goods
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