FratFiles

• Save Paper

1. What is GDP: Gross domestic product-The dollar amount of all goods and services produced within a country's border.
2. How is GDP computed: All the goods and services produced in a 12-month period are multiplied by their price.
3. Why do economist use sampling methods to measure GDP: Because it would be extremely diffucult to compile a complete list of goods and services produced.
4. Why are intermediate products and second hand sales excluded from GDP: Intermediate products are excluded so they are not counted twice; second hand sales are excluded because they do not create new wealth.
5.What are 5 factors to take in account when considering GDP? 1) Reporting Delay 2) Composition of input 3) Quality of life 4) exclusion of non-market activities 5) exclusion of illegal activities
6. What are two aspects of the economy that GDP measures: 1) Performance 2) General Wealth

1. What are five measures of national income: 1) Gross National Product 2) Net national income 3)......

View the rest of this paper...

Approximate Word Count: 1549
Approximate Pages: 7 (250 words per double-spaced page)

Similar Essays

1. Making Money Work
   

   Making Money Work. ... We have hundreds of money making opportunities, money making
   programs, money making tools, and ways to earn money online. ...

2. Money Making
   

   Money making. 1. What is GDP: Gross domestic product-The dollar amount of
   all goods and services produced within a country's border. ...

3. Imperialism
   

   ... wealth. Imperialism advances a countries politics, society, and economic
   value into a powerful money making country. The political ...

4. Making Money From Inflation
   

   Making Money From Inflation. Making Money from Inflation Inflation is the
   all-encompassing and continued rise taken together level ...

5. Making Money The Easy Way
   

   Making Money the Easy Way. ... Anyone who is trying to collect reparations is a selfish
   fool who cares nothing about making things right, they just want money. ...