ECON 2313: POWERPOINT DEFINITIONS
8 Cards in this Set
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Price Ceiling
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The highest price at which it is legal to trade a particular good, service, or factor of production.
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Price Floors
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The lowest price at which it is legal to trade a particular good, service, or factor of production
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National Income Accounting
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is the measurement of aggregate or total economic activity.
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Flow Variable
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is a measure of a process that takes place over a period of time.
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Gross Domestic Product
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GDP is the market value of new, final goods and services produced year within the nation’s borders in a given time period.
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Final Good or Service
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is produced for a final user and not as a component of a final good.
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Intermediate Good or Service
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is used as a component of a final good or service
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Value-Added
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Value-added is the increase in the market value of a good that takes place
at each stage of the production-distribution process
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ECON 2313: POWERPOINT DEFINITIONS