Examlex
Instructions: Please define the following key terms.Show Who? What? Where? When? Why Important?
-Parthenon
GDP Deflator
A measure of the level of prices of all new, domestically produced, final goods and services in an economy, used to deflate or adjust the nominal GDP to real GDP.
Intermediate Good
A product used as an input in the production of a final good or service.
GDP
Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period.
Real GDP
Gross Domestic Product adjusted for inflation, which measures the value of goods and services produced by a country in a year in real terms.
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