ECN 204 Lecture Notes - Lecture 10: Market Basket, Interest Rate
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There are 3 ways on how you can calculate it: add up the value added of all producers, add up all spending on domestically produced final goods and services, gdp=c+i+g+x-im. I = total investment (spending on goods and services) by businesses. G = total spending by government (federal, state, and local) (ex - im) = net exports (exports - imports: add up all income paid to factors of production. When you calculate gdp and real gdp you can get it by multiplying quantity and price for the objects (things) When you are calculating this you have to first multiply the given quantity with the given price and then add up all the values from the other goods. This is the percentage of people in the labour force. It is the percentage of the total number of people in the labour force who are unemployed.
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