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25 Cards in this Set
- Front
- Back
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base year
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the year with which other years are compared when an index is constructed
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capital consumption allowance
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the estimated value of depreciation plus the value of accidental damage to capital stock
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chain-type real GDP growth
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the mean of the growth rates found using beginning and ending year prices
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consumer price index (CPI)
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a measure of the average price of goods and services purchased by the typical household
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cost of living adjustment (COLA)
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an increase in wages that is designed to match increased in the prices of items purchased by the typical household
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depreciation
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a reduction in the value of capital goods over time as a result of their use in production
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disposable personal income
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personal income minus personal taxes
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GDP price index
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a broad measure of the prices of goods and services included in the gross domestic product
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gross domestic product (GDP)
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the market value of all final goods and services produced in a year within a country
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gross investment
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total investment, including investment expenditures required to replace capital goods consumed in current production
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gross national product
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gross domestic product plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world
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indirect business tax
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a tax that is collects by businesses for a government agency
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intermediate good
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a good that is used as an input in the production of final goods and services
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inventory
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the stock of unsold goods held by a firm
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national income
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net national product plus or minus statistical discrepancy
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national income accounting
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the framework that summarizes and categorizes productive activity in an economy over a specific period of time, typically a year
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net investment
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gross investment minus capital consumption allowance
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net national product
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gross national product minus capital consumption allowance
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nominal GDP
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a measure of national output based on the current prices of goods and services
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personal income
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national income plus income currently received but not earned, minus income currently earned but not recieved
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price index
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a measure of the average price level in an economy
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producer price index
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a measure of average prices received by producers
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real GDP
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a measure of the quantity of final goods and services produced, obtained by eliminating the influence of price changes from the nominal GDP statistics
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transfer payment
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income or wealth taken from one person or group and given to a different person or group
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value added
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the difference between the value of output and the value of the intermediate goods used in the production of that output
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