chapter 7 matching definitions

value of a country’s output found by adding up C + Ig + G + Xn  

value of a country’s output found by adding the  costs incurred and income (including profits) generated by production of goods and services during the period

a measure of inflation

value of a country’s output expressed in the current year’s dollars.

output provided to other businesses at an intermediate stage of production, not for final users.

output used directly for consumption, investment, government, and trade purposes.

Increase in worth of a good or service provided at each stage of production

=100

value of a country’s output expressed in the base year’s dollars.

the value of the output of all goods and services produced within a country in a year

GDP

Intermediate goods

Final goods

Value added

Expenditure approach

Income approach

Nominal GDP

Real GDP

Price index

Base year