Macroeconomics- National Income Accounting

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Inventories
Goods currently held by a firm for future production or sale.
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Exports
Goods that are domestically produced but bought abroad.
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Imports
Good that are produced abroad but are domestically purchased for use in the domestic country.
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Final Goods
Goods purchased by the ultimate use: either consumer goods purchased by households, or capital goods such as machinery purchased by firms.
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Per capita GNP
GNP divided by the total population.
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Macroeconmics
The study of the economy as a whole.
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Saving
The part of income which is not spent on buying goods and services.
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Depreciation
A measurement of the rate at which the value of the existing capital stock declines per period as a result of wear and tear or of obsolescence.
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Factor cost/Basic prices
A way of valuing domestic output exclusive on indirect taxes on goods and services.
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Current Prices
A valuation of expenditures or output using the prices prevailing at the time of measurement.
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Intermediate Goods
Party finished good which form inputs to another firm's production process and are used up in that process.
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Constant Prices
A valuation of expenditures or output using the prices prevailing at some base year
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Open economy
An economy which has transactions with other countries.
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Closed economy
An economy which doesn't transact with the rest of the world.
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Gross National Product (GNP)
The total income earned by domestic citizens regardless of the country or where the factor services were supplied.
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Personal disposable income
Household income after direct taxes and transfer payments: the amount that households have available for spending and saving.
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Discretionary income
A measure of income available for household spending or saving, net of taxes and personal necessities.
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Value added
The increase in the value of goods as a result of the production process.
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GNP deflator
The ratio of nominal GNP expressed as an index.
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Investment
The purchase of new capital goods by firms.
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Gross Domestic Products (GNP)
The output produced by factors of production located in the domestic economy, regardless of who owns these factors.
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National Income
The economy's net national product valued at factor cost.
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Market Prices
A way of valuing domestic output inclusive of indirect taxes on goods and services.
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Net property income from abroad
The excess of inflows of property income from factor services supplied abroad over the outflows of property income arising from the supply of factor services by foreigners in the domestic country.
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Wealth
The stock of assets available to an economy.
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Other cards in this set

Card 2

Front

Goods that are domestically produced but bought abroad.

Back

Exports

Card 3

Front

Good that are produced abroad but are domestically purchased for use in the domestic country.

Back

Preview of the back of card 3

Card 4

Front

Goods purchased by the ultimate use: either consumer goods purchased by households, or capital goods such as machinery purchased by firms.

Back

Preview of the back of card 4

Card 5

Front

GNP divided by the total population.

Back

Preview of the back of card 5
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