| A | B |
|---|
| accuaracy in counting | problem because of vast amounts of info calculated for GDP |
| CNN, wallstreet, radio news | Sources of GDP info |
| Double counting | Counting a good before AND at the final sale |
| economic domestic problem | poverty, undereducation, inadequate medical care |
| employment rate | This decreases as production decreases |
| Exports | goods and services sold to other countries |
| GDP | Final total value of all goods and services produced within a country in a year |
| gross private domestic investment | consists of all purchases of capital equipments and inventories |
| Imports | Goods and services purchased from other countries |
| Better resource allocation | converting an empty office building would do this |
| inflation | a rapid rise in price when demand exceeds supply |
| Intermediate products | itmes that are a part of other finished products |
| Net Exports | includes the difference between how much is imported and exported |
| Personal consumption expenditures | includes the final market value of all goods and services purchased for direct consumption by individuals families and non profits |
| Planning | GDP can be used to guide this |
| recession | 2 quarter decline in GDP |
| Productivity increase | A better utilization of the same capital and labor resources results in this |
| Quality of products | GDP cannot determine this |
| Transfer payments | Money received from the government but no goods or services are exchanged |
| uncounted production | Housekeeping |
| Underground economy | Trransactions for which no receipts are kept illegally |
