question
GDP Expenditure Approach
answer
C + I + G + NX (consumption + investment + government spending + net exports(inmpots- exports))
question
GDP Income Approach
answer
Wages + Interest, rent, and profit + Indirect taxes less subsidies +Depreciation
question
Net domestic product at factor cost
answer
NDP= Wages + Interest, rent and profit
question
statistical discrepancy
answer
GDP (Exp app) - GDP (Income app)
question
GNP
answer
GDP + Net factor income from abroad
question
Nominal GDP
answer
the production of goods and services valued at current prices
P * Q (in that year)
P * Q (in that year)
question
Real GDP
answer
the production of goods and services valued at base year prices P * Q (from base year)
question
GDP deflator
answer
Nominal GDP/Real GDP x 100
question
unemployment rate
answer
number of unemployed/labor force x 100
question
employment population ratio
answer
(Number of people employed/working age population) x 100
question
labor force participation rate
answer
labor force/working age population( 16 and up) x 100
question
Labor force
answer
# of employed + # of unemployed
question
Employed
answer
# partime + # Full time
question
Output gap
answer
real GDP - potential GDP/ Potential GDP x 100
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