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Intro to Econ Reasoning Unit 1 Questions and Answers (100% Correct Answers) Already Graded A+
- Exam (elaborations) • 12 pages • 2025
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gross domestic product (GDP) [ Ans: ] a measure of the 
market value of the output of the economy in a given 
period 
GDP per captia [ Ans: ] GDP divided by population - 
average income of people in a country 
disposable income [ Ans: ] income available after paying 
taxes and receiving transfers from the government - 
amount of wages or salaries, profit, rent, interest and 
transfer payments from the government (such as 
unemployment or disability benefits) or from others (for 
exampl...
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