ECON 2010 Chapter 4: Chapter 4&6_ Terms

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

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