Question: Gross Domestic Product (GDP)

Answer: the dollar value of all final goods and services produced within a country in one year

Question: expenditure approach

Answer: add up all the spending on final goods and services produced in a given year

Question: GDP =

Answer: C + I + G + (X-M)

Question: income approach

Answer: add up al the income earned from selling all final goods and services produced in a given year

Question: value added approach

Answer: add up the dollar value at each stage of the production process

Question: the circular flow model shows how households, businesses, and the __________ interact

Answer: government

Question: Business sell ____________________ to households in the __________ market

Answer: goods and services, product

Question: households sell ______________ to business in the ___________ market

Answer: resources, resource

Question: public goods and services are provided by the _______________

Answer: government

Question: three types of transactions that are not included in GDP

Answer: intermediate goods, non production transactions, nonmarket and illegal activities