| A | B |
|---|
| national income accounting | provides information about a nation's economic activities |
| gross domestic product | the total dollar value of all final goods and services produced in one year |
| output-expenditure model | to compute GDP, economists add the output produced by these four sectors |
| personal consumption expenditures | consumer purchases |
| gross investment | total value of all capital goods produced in a nation during one year and changes in the value of business inventories |
| nominal GDP | is GDP expressed in the current prices of the period being measured |
| real GDP | is GDP adjusted for price changes |
| price index | is a set of statistics that allows economists to compare prices over time |
| underground economy | illegal activities and unreported legal activities |
| gross national product | measures the total dollar value of all final output produced with factors of production owned by residents of a country during one year |
