ECON 2010 Chapter 4: Chapter 4_ Terms

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12 Feb 2018
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Spending, income, and gdp clothing, and entertainment. production process, they are counted as part of gdp. therefore not counted as part of gdp. Capital good: a long lived good that is used in the production of other goods and services (like machines). Consumption expenditure (or consumption): spending by households on goods/services such as food, Final goods/services: goods/services consumed by the ultimate user; b/c they are the end products of the. Intermediate goods/services: goods/services used up in the production of final goods/services and. Investment: spending by firms on final goods/services, primarily capital goods. Market value: the selling prices of goods and services in the open market. Nominal gdp: a measure of gdp in which the quantities produced are valued at current year prices; Real gdp: a measure of gdp in which quantities produced are valued at the prices in a base year rather.

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