Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
National income and Product Accounts Product account National account Final goods and services Intermediate goods and services Gross domestic product GDP Value added Aggregate output Real GDP Nominal GDP Chained dollars GDP per capita Aggregate price level Market basket Price index Inflation rate Consumer price index Producer price index GDP deflator | a measure of the overall level of prices in the economy goods and services, bought from one firm by another firm, that are inputs for production of final goods and services method of calculating and keeping track of consumer spending, sales of producers, business investment spending, government purchases, and a variety of other flows of money between different sectors of the economy; also referred to as national accounts method of calculating and keeping track of consumer spending, sales of producers, business investment spending, government purchases, and a variety of other flows of money between different sectors of the economy; also referred to as national accounts (of a producer) the value of its sales minus the value of its purchases of intermediate goods and services method of calculating real GDP that splits the difference between growth rates calculated using early base years and the growth rates calculated using late base years a hypothetical set of consumer purchases of goods and services the total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year the percent change per year in a price index—typically the consumer price index. the total value of all final goods and services produced in the economy during a given period, usually a year method of calculating and keeping track of consumer spending, sales of producers, business investment spending, government purchases, and a variety of other flows of money between different sectors of the economy; also referred to as national accounts a measure of the cost of the market basket of a typical urban American family a price measure for a given year that is equal to 100 times the ratio of nominal GDP to real GDP in that year the total value of all final goods and services produced in the economy during a given period, usually a year the value of all final goods and services produced in the economy during a given year, calculated using the prices current in the year in which the output is produced a measure of the cost of purchasing a given market basket in a given year, where that cost is normalized so that it is equal to 100 in the selected base year; a measure of overall price level GDP divided by the size of the population; equivalent to the average GDP per person goods and services sold to the final, or end, user a measure of changes in the prices of goods purchased by producers the economy’s total quantity of output of final goods and services |
National income and product accounts (national accounts), p. 328
Final goods and services, p. 328
Intermediate goods and services, p. 328
Gross domestic product (GDP), p. 328
Value added, p. 329
Aggregate output, p. 332
Real GDP, p. 333
Nominal GDP, p. 333
Chained dollars, p. 334
GDP per capita, p. 335
Aggregate price level, p. 336
Market basket, p. 336
Price index, p. 337
Inflation rate, p. 337
Consumer price index (CPI), p. 337
Producer price index (PPI), p. 339
GDP deflator, p. 339