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A measure of the level of prices of all new, domestically produced, final goods and services in an economy. It's important for converting nominal GDP into real GDP.

The additional value created at a particular stage of production. It's a critical component of GDP by production as it helps to measure the contribution of each sector to the economy.

A significant decline in economic activity spread across the economy, lasting more than a few months, often visible in GDP, real income, employment, industrial production, and wholesale-retail sales.

GDP adjusted for inflation, representing the value of all goods and services produced at constant prices. Important to compare economic output over time without the distortion of inflation.

Economic activities not passing through a market, such as household work. These are important to consider for a full economic picture but are typically excluded from GDP calculations.

The fluctuations in economic activity over time, measured by the rise and fall in GDP. Understanding the business cycle is important for economic forecasting and policy interventions.

The rate at which the general level of prices for goods and services is rising, subsequently eroding purchasing power. It's important as it affects the real value of GDP and living standards.

The total monetary value of all finished goods and services produced within a country's borders in a specific time period. It's important as it serves as a broad measure of a nation's overall economic activity.

Spending by businesses on capital goods, and by households and firms on new housing. Investment in GDP reflects the amount of resources allocated to future productivity and growth.

Also known as the output approach, it measures GDP by summing the added value at each stage of production. It's essential to see how much value industries add to the economy.

The process by which capital goods lose value over time. It's important for GDP as it must be subtracted to calculate net investment and understand actual economic growth.

Spending by government on goods and services. It's important as it reflects public sector consumption and investment, and impacts fiscal policy.

Exports minus imports. It shows the net of trade with foreign nations; positive net exports mean a country sells more than it buys from abroad.

A decrease in the general price level of goods and services, often indicative of a reduction in the supply of money or credit. It's important to monitor as it can lead to decreased GDP and recession.

The annual percentage increase in the value of GDP, showing how fast a country's economy is growing. It's important for assessing economic health and policy effectiveness.

A method for calculating GDP that adds up all expenditures made on final goods and services. It's important for monitoring economic activity through consumption patterns.

The total value of goods and services produced by a country’s residents, regardless of the production location. GNP includes the income from abroad and is important for the income approach to GDP.

An approach to calculating GDP that sums up consumption, investment, government spending, and net exports. It is key to understanding how different sectors contribute to economic activity.

A representative collection of goods and services used to compile a price index like the Consumer Price Index (CPI). It's important for understanding inflation and real GDP changes.

GDP not adjusted for inflation, measuring the value of all goods and services produced at current prices. It's important for assessing the current size of the economy.

An economic theory that allows the comparison of the purchasing power of various world currencies to one basket of goods. It's important for making international comparisons of GDP.

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It is measured by the increase in real GDP and is essential for improving living standards.

Goods that are used in the production process to produce other goods and services, but are not part of final GDP. Important as their exclusion prevents double counting in GDP calculations.

Goods that have been processed and sold for consumption or investment. They are included in GDP measurements to reflect the actual end products' value in the economy.

Expenditures by consumers on goods and services. It's the largest component of GDP and indicates the level of demand within a country's economy.

GDP divided by the population, it's a measure of a country’s economic output that accounts for its number of people. It indicates average economic productivity and standard of living.

The total demand for final goods and services in an economy at a given time. It's crucial for understanding the overall demand for a country's output and for setting economic policies.

Value of the net increase in physical assets within the country's borders in a year. It is crucial for understanding investment in infrastructure and equipment that provides productive capacity.