(See related pages)
Below are the key terms featured in this chapter. The textbook's full glossary is also available for online searching.
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| capital stock | the total value of productive assets that provide a flow of revenue (See page(s) 206) |
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| depreciation | the decrease in value of durable real assets over time (See page(s) 206) |
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| disposable income | household income minus personal taxes and other personal transfers to government (See page(s) 214) |
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| double-counting | the problem of adding to GDP the same item at different stages in its production (See page(s) 204) |
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| durable goods | goods that are consumed repeatedly over time (See page(s) 206) |
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| expenditure approach | a method of calculating Gross Domestic Product by adding together all spending in the economy (See page(s) 201) |
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| expenditure equation | the equation that states that GDP is the sum of personal consumption (C), gross investment (I), government purchases (G), and net exports (X - M) (See page(s) 205) |
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| exports | foreign purchases of Canadian goods and services (See page(s) 208) |
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| final products | products that will not be processed further and will not be resold (See page(s) 204) |
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| GDP identity | Gross Domestic Product calculated as total income is identical to Gross Domestic Product calculated as total spending (See page(s) 202) |
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| government purchases | current government spending on goods and services (See page(s) 206) |
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| Gross Domestic Product | the total dollar value at current prices of all final goods and services produced in Canada over a given period (See page(s) 201) |
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| gross investment | purchases of assets that are intended to produce revenue (See page(s) 206) |
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| Gross National Product | the total income acquired by Canadians both within Canada and elsewhere (See page(s) 214) |
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| imports | Canadian purchases of goods and services from the rest of the world (See page(s) 208) |
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| income approach | a method of calculating Gross Domestic Product by adding together all incomes in the economy (See page(s) 201) |
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| intermediate products | products that will be processed further or will be resold (See page(s) 204) |
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| inventories | stocks of unsold goods and materials (See page(s) 206) |
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| national income accounts | accounts showing the levels of total income and spending in the Canadian economy (See page(s) 201) |
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| net exports | exports minus imports (See page(s) 209) |
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| net investment | gross investment minus depreciation (See page(s) 206) |
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| nondurable goods | goods that are consumed just once (See page(s) 206) |
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| nonmarket activities | productive activities that take place outside the marketplace (See page(s) 212) |
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| per capita GDP | GDP per person, calculated as GDP divided by population (See page(s) 211) |
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| per capita real GDP | GDP per person, expressed in constant dollars from a given year (See page(s) 211) |
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| personal consumption | household spending on goods and services (See page(s) 206) |
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| personal saving | funds saved by households (See page(s) 206) |
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| real GDP | GDP expressed in constant dollars from a given year (See page(s) 211) |
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| retained earnings | profits kept by businesses for new investment (See page(s) 203) |
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| transfer payments | government payments to households or other levels of government (See page(s) 208) |
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| underground economy | all the market transactions that go unreported (See page(s) 212) |
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| value added | the extra worth of a product at each stage in its production; a concept used to avoid double-counting in calculating GDP (See page(s) 204) |