ECON 1BB3 Lecture 8: L8 - Economic value in dishes.docx

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Gang Wu

Document Summary

Does doing the dishes have economic value: gdp: market value of all final goods and services produced within a country, at any given time, market value: 14264, all: market transactions only (legal, final: goods & services as they are sold, not intermediate, goods & services, produced within a country, in a given period of time, calculate gdp, output (basic price, expenditure (market price) Income (market price: market prices vs. basic prices, mp = prices including taxes, bp = prices without taxes, gdp identity: y = c + i + g + nx, y = gdp, c = consumption (household spending)