Term
| Gross Domestic Product (GDP) |
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Definition
| the total market value of all final goods and services produced in a given period by factors of production located within a nation |
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Term
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Definition
| final product to avoid double counting |
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Term
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Definition
| prices of all goods and services collectively |
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Term
| National Income Accounting |
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Definition
| system for measuring general economic variables |
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Term
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Definition
| way to calculate GDP… GPD is equal to the sum of all expenditures for the purchase of all final goods and services |
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Term
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Definition
| way to calculate GDP… GDP is equal to the sum of all incomes derived from producing a given years output |
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Term
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Definition
| the total value of transactions during an accounting period |
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Term
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Definition
| Value of an asset at a certain point and time |
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