Chapter 5 Key Terms

Chapter 5 Key Terms - household purchases of new housing....

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9/17/10 4:20 AM Aplia Text Page 1 of 2 Measuring a Nation's Income Chapter Recap: Key Term Flash Cards show all | hide all Click on terms to show or hide the definition. consumption Spending by households on goods and services, with the exception of purchases of new housing. GDP deflator A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100. government purchases Spending on goods and services by local, state, and federal governments. gross domestic product (GDP) The market value of all final goods and services produced within a country in a given period of time. investment Spending on capital equipment, inventories, and structures, including
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Unformatted text preview: household purchases of new housing. macroeconomics The study of economy-wide phenomena, including inflation, unemployment, and economic growth. microeconomics The study of how households and firms make decisions and how they interact in markets. net exports Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports). 9/17/10 4:20 AM Aplia Text Page 2 of 2 http://atext.aplia.com/controller/apliaText.aspx?isbn=0324590377&mod=411&ch=5 nominal GDP The production of goods and services valued at current prices. real GDP The production of goods and services valued at constant prices....
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Chapter 5 Key Terms - household purchases of new housing....

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