GDP Components — main parts?
Consumption, investment, government spending, net exports.
GDP Components — definition?
Sum of consumption, investment, government spending, net exports.
Measuring GDP — methods?
Production, income, and expenditure approaches.
Measuring GDP — methods?
Production, income, expenditure approaches.
Real vs Nominal GDP — difference?
Real is inflation-adjusted; nominal is not.
Nominal vs Real GDP — difference?
Nominal is unadjusted; real is inflation-adjusted.
GDP limitations — example?
Does not account for informal economy or well-being.
Inflation measurement — tool?
Consumer Price Index (CPI).
Causes of inflation — example?
Demand-pull and cost-push factors.
Unemployment types — example?
Frictional, structural, cyclical, natural.
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1. What are the components of GDP?
2. What is the primary method used to calculate GDP by summing total spending on final goods and services in the economy?
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