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Investment
________- the purchase of goods that will be used in the future to produce more goods and services.
Consumption
________- spending by households on goods and services, with the exception of purchases of new housing.
firms
Money continuously flows from households to ________ and back to households.
domestic product
Gross ________ (GDP)- the market value of all final goods and services produced within a country in a given period of time.
GDP
________ per person seems a natural measure of the economic well- being of the average individual.
Net exports
________- spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
production of goods
Nominal GDP- the ________ and services valued at current prices.
Government
________ purchases- spending on goods and services by local, state, and federal governments.
persons income
A(n) ________ determines whether they can afford higher standards of living.
GDP
________ adds together different kinds of products into a single measure of the value of the economic activity.
Note
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