Name/I.D. Number: Chapter 7 Macroeconomic Measurements, Part II: GDP and Real GDP - Pre-Class & In-Class Activities Packet Section: Date: Part 2. Matching: Match the Key terms in Column "A" with 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" Column "B" Column "C" 1.Gross Domestic Product A. Business purchases of capital goods, such a. Examples of such payments include: Unemployment as machinery & factories, and purchases of new Compensation, Social security Income, Cash assistance to residential housing. the needy. 2. Final Good B. The total market value of all final goods and b. Examples of such investment include: building a warehouse, services produced annually within a country's buying machinery and equipment.. 3. Intermediate Good borders. Data entry error by National Income Accountants as a result C. A payment to a person that is not made in of entering the value of the same product twice. return for goods and services currently supplied. Government spending on public goods and services, such as 4. Double Counting D. The sum of all purchases of newly produced highways, law enforcement and public education & so on. capital goods, changes in business inventories, A component of investment used to name goods produced in 5. Transfer Payment and purchases of new residential housing. a given year may be sold in a later year rather than in the E. Federal, state, & local government purchases year they were produced. of goods & services & gross investment in 4 Finished product: ready to be used by a consumer; such as 6. Consumption highways, bridges, & so on. bread. F. A good that is an input to the production of a One-way payment of money by individuals for which no final good. money, good, or service is received in exchange,. Example; 7. Investment G. A good in the hands of its final user. gift(s) or remittance(s) to a home county by (an) immigrant