Ch 7--Terms & Concepts

Ch 7--Terms & Concepts - Terms & Concepts...

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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 ...
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