Gross Domestic Product

Front

Output per person, calculated as real GDP divided by the total population.

Back

GDP/Capita

Front

A good or service that you purchase that is produced in another country

Back

import

Front

Business spending on physical capital, new homes, and inventories is counted in which component of GDP?

Back

investment

Front

Represents business activity conducted without the knowledge of the government.

Back

underground economy/ black market economy

Front

The total dollar value of all final goods and services produced within the country’s border in a given year. This measure includes inflation.

Back

Nominal Gross Domestic Product (GDP)

Front

Goods and services bought by people in other countries.

Back

Export

Front

The village of Menomonee Falls purchases a new fire truck. Where would this show up in GDP formula?

Back

Government Spending

Front

You buy some Toblerone chocolate manufactured in Switzerland. Where would this show up in the GDP formula?

Back

Exports-Imports

Front

The U.S. government agency NASA contracts with a firm in Alabama to provide parts for the space station. Where would this show up in the GDP formula?

Back

Government Spending

Front

Costco builds a new store in Menomonee Falls, Wisconsin. Where would this show up in the GDP formula?

Back

Investment