Chapter 7 Macroeconomic Measurenwlts, Part II: GDP and Real GDP Preclass & In-Class Activities Packet Namen.D. Number: Part 2. Matching: Match the Key terms in Column "A" wnh the definitions in Column "B" by writing the block letter Of your choice from Column "B" in the space provided under "A" and match the definitions in column "B" With the meanings or examples or facts in column "C" by writing the lower letter case Of your choice in the space provided under column "B". Column "A" 12.1m ports 13.Exports Exports Income 16. Capital Consumption Allowance (Depreciation) 17.Net Domestic Product Income YDisposabIe Income 2mReal GDP 21 .Economic Growth 22.Business Cycle Column "B" The value Of the entire Output produced annually within a country's rders, adjusted for price changes M. GDP nnus the capital consumption a/owance. N. Recurrent s*ngs (up and down) in Real GDP. O The portion Of personal income that can used for lsumption or %ving; equal to personal income minus personal taxes (especially income taxes). P Total domestic (LJ S.) spending on foretn goods Total foreign sgerdingon domestic (US.) goods. R. Iraeases in Real GDP S Total earned by US citizens and businesses, matter where they resze or are Iceted; the Sum Of the payments to resources (land, labor, capiI, and entrepreneurship): National income Compensation Of emphyees Proprietors' irarne + Corporate profits + Rental income Of persons + Net interest T. The amount Of income that individuals actually receive It is equal to national income minus corporate profits, social insurance taxes, and profits taxes, plus transfer payments. U. Exports minus imports. V The estimated amount Of capital goods used up in production through natural wear, obsolescence, and acddental destruction m. Column "C" Cyclical fluctuatzns in the level Of onornic activities. Increase in total quantity and qualty' Of goods and services produced in a untry_ &rninal GDP * Price Index) X I Off The net addition to the economy after accounting for the tear wear Of machinery and equipment used up in the process Of generating GDP for the year. The difference between Of Exports to tie rest Of the and Imports from the rest Of the word The value Of pods and services pur&lased by a nation from the rest Of the world The Sum total Of the ircornes that individu* in a nation for their contributions Of resours to the production process in ttE form Of labor, capital, lard and entrepreneurial abilities. Take pay after paying income and payroll taxes available for spending or %ving. The Of pcds and services sold by a nation to the rest Of world The Sum total Of income by a nation accruing to factors Of production, like labor, land, capital and entrepreneurship and businesses Owned by a nation's The armunt Of kept aside to replace capital goods such as machinery and equipment in prccess Of producing the GDP for the year. It also known as "Depreciation expense' ACCOItirg_