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?
8. What does GDP do WELL?
9. Is GDP a measure of our nation’s welfare?
10. Transfer payments
11. Underground economy ...
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