What's it: Consumer spending patterns are changes over time in the total money individuals spend on goods and services for personal use. It also
Economists measure economic activity using several approaches, namely income, expenditure, and output. All three will produce an equal number. How
What's it: Government expenditure refers to the money the government spends on goods and services or other items. Examples are expenditures on
What's it: Export means sending domestic goods and services to foreign markets for sale. As compensation, we get foreign currency as payment, say
Double counting can cause miscalculations in the gross domestic product (GDP). This error will overstate the GDP number because it counts the same
What's it: Autonomous expenditure is unaffected by income level. In other words, they will still exist even if the income equals zero. Spending
Gross Domestic Product (GDP) is the total market value of all final goods and services produced in the domestic economy during a certain period.