Term
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Definition
| Gross Domestic Product-Market value of all final g/s produced within a country for a given time period |
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Term
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Definition
1.Market Value
2.Final g/s
3.Within a country
4.Given Time Period |
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Term
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Definition
-Measures size or performance of the economy or well-being
-The more stuff we produce the more stuff we can consume and the better able we are to satisfy our needs/desires |
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Term
| Why does GDP go up?(2 reasons) |
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Definition
a.economy is producing more goods/services(higher Q)
b. Goods and services copuld be selling at higher prices. |
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Term
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Definition
| -Measures GDP using prices and quantities from current year. |
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Term
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Definition
| Measures GDP uses quantity from current year, but at a fixed set of prices. |
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