Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
GDP |
The dollar value of all final goods and services produced within a country in a year |
|
|
GDP expenditure approach |
GDP= C + I + G + (X -M) |
|
|
Limitations of gdp |
PIES= Population, inequality, Environment and shadow economy |
|
|
What GDP does not count |
Intermediary goods, Shadow economy secondhand sales black market, nonmarket transactions such as fixing your own sink or financial transactions, government transfer payments |
|
|
The Lorenz curve |
Graph shows how the actual distribution of income differs from equal distribution |
|
|
Reasons for income inequality |
Education, Wealth, regressive tax law, decline of unions, globalization,monopoly, discrimination, and change in US families |
|
|
Real GDP |
GDP adjusted for inflation |
|
|
GDP per capita |
Adjust for population |
