| A | B |
|---|
| Domestic Economic Problems | poverty, unequal distribution of income |
| Double Counting | including the same production more than once inflates GDP |
| Exports | goods or services sold to other countries. |
| Gross Domestic Product | this provides information about the health of an economy |
| Human Resources | people who work to produce goods or services. |
| Inflation | a rapid rise in prices that makes GDP appear higher |
| Intermediate Products | items that are part of other finished products |
| Inventories | stocks of goods, raw materials, or parts that a business has on hand. |
| Net Exports | this factor used in calcualting GDP will be negative if imports are greater than exports |
| Dollars | How GDP is always expressed |
| GDP figures | include all items for which money is exchanged |
| geographic boundaries | this means GDP includes only things produced in your OWN country |
| Personal Consumption expenditures | personal expenses including college tuition |
| Gross Private Domestic Investment | category which includes business spending like rental property |
| Transfer payment | money given for no work such as welfare of Veteran's benefits |
| Uncounted production | legal activities for which NO receipts are kept |
| Underground economy | Transactions which are illegal or not reporting it is illegal |
| Recession | businesses will cut back production when in the phase of the economy |
| Money in circulation | Government can increase or decrease the amount of this to change the economy |
| Government purchases | The government can spend more or less to influence the economy |
| Economic growth | A benefit to government of this is that they can carry their activities out more easily |
| Consumeres save | When consumers do more of this then investors can use the savings to purchase capital goods |
