11 Measuring Economic Performance

the total market value of all final goods and services produced annually in a country

• Gross Domestic Product (GDP)

• Export spending

• Import speding

• Price index

Counting a good more than once in computing GDP

• double counting

• Real GDP

• Import spending

• Aggregate demand curve

Expenditures made by the household sector

• Consumption

• Investment

• Government purchases

• Export spending

Expenditures made by the business sector

• Consumption

• Investment

• Government purchases

• Export spending

Expenditures made by the government sector

• Consumption

• Investment

• Government purchases

• Export spending

The amount spent by the residents of other counties on goods produced in the United States

• Consumption

• Investment

• Government purchases

• Export spending

The amount spent by Americans for foreign-produced goods

• Consumption

• Import spending

• Government spending

• Export spending

In general, a benchmark year - a year chosen as a point of reference for comparison.

• Base year

• Real GDP

• Price index

• Unemployment rate

Gross Domestic Product (GDP) that has been adjusted for price changes; GDP measured in base-year, or constant, prices

• GDP

• Real GDP

• Price Index

• Consumer Price Index

A measure of the price level, or the average level of prices

• GDP

• Real GDP

• Price Index

• Consumer Price Index