Ch 7--Terms & Concepts

Ch 7--Terms & Concepts - Terms& Concepts 1 Gross...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Terms & Concepts 1. Gross domestic product (GDP) 1. Expenditures approach • C, I, G, (X-M) (X2. Income approach • Rent, wages, interest, profit 2. Gross national product (GNP) 3. Real vs. nominal • CPI & what it means, GDP deflator 4. Final G & S vs. Intermediate G & S 5. Value added & Value added tax 6. What does GDP count and what does it NOT count? 7. Problems with using GDP as a measure of our nation’s output? nation’ 8. What does GDP do WELL? 9. Is GDP a measure of our nation’s welfare? nation’ 10. Transfer payments 11. Underground economy ...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online