Provide the Economic term/concept to each of the following descriptions.

Question

Generate an image that encapsulates various aspects of economics. Depict elements such as a diagram symbolizing the calculation of GDP by adding the spending of four main sectors, a bar graph showing the total market value of final goods and services, an illustration of consumable goods, a line graph showing inflation's impact on economic growth, the depiction of government subsidies on specific goods, dynamics of the service sector, reusable goods like clothing, piled up stock of finished products in a warehouse, and symbols of taxes and subsidies linked to goods and services.

Provide the Economic term/concept to each of the following descriptions.

1.3.3 A method whereby we determine the GDP at market prices by adding the spending of the four main sectors
1.3.4 Total market value of all final goods and services produced within the borders of a country for a specific period which took into consideration the effects of price changes/inflation
1.3.5 Goods which can be consumed only once , and they cease to exist after being used.
1.3.6 Cannot be used to measure real economic growth due to the effect of inflation
1.3.7 Subsides that are linked to specific goods and services e.g government subsidy on bread
1.3.8 The total market value of all final goods and services within the borders of a country over a specific period of time
1.3.9 The service sector of an economy
1.3.10 Goods which can be used more than once but they last for a shorter period of time e.g clothing
1.3.11 Takes place when firms build up their stock of finished products
1.3.12 compulsory payments made by private individuals or businesses to the government sector with no direct benefit
1.3.13 Subsides that are not linked to specific goods or services e.g subsidy made on employment
1.3.14 Taxes that are linked to specific goods or services

Answer 1

1.3.3: Expenditure approach to GDP

1.3.4: Real GDP
1.3.5: Non-durable goods
1.3.6: Nominal GDP
1.3.7: Specific subsidies
1.3.8: Gross Domestic Product (GDP)
1.3.9: Service sector
1.3.10: Semi-durable goods
1.3.11: Inventory accumulation
1.3.12: Taxation
1.3.13: General subsidies
1.3.14: Excise taxes