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Directions: Define each of the terms below and evaluate the significance of each term to the topics presented within the textbook.Chapter 8TermDefinitionSignificanceNational income accounting?Total income ?Final goods and services?Gross domestic product (GDP)?Intermediate goods?Value added?Expenditure approach ?Income approach?Durable consumer goods?Nondurable consumer goods?Services?Gross private domestic investment?Producer durables, or capital goods?Fixed investment?Inventory investment?Depreciation?Net domestic product (NDP)?Capital consumption allowance?Net investment?Gross domestic income (GDI)?Indirect business taxes?Nonincome expense items?National income?Personal income?Disposable personal income?Nominal values?Real values?Constant dollars?Foreign exchange rate?Purchasing power parity ? ................
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