ECON 1BB3 Midterm: Midterm Test #2 Notes (1BB3)
84 views11 pages
31 Oct 2016
School
Department
Course
Professor
![ECON 1BB3 Full Course Notes](https://new-docs-thumbs.oneclass.com/doc_thumbnails/list_view/2421723-class-notes-ca-mcmaster-econ-1bb3-lecture9.jpg)
11
ECON 1BB3 Full Course Notes
Verified Note
11 documents
Document Summary
The gross domestic product (gdp) measures the market value of all final goods and services produced during a year by resources located in canada, regardless of who owns the resources. Expenditure approach calculating gdp by adding up spending on all final goods and services produced in the nation during the year. Income approach calculating gdp by adding up all earnings from resources used to produce output in the nation during the year. In the double-entry bookkeeping system used to track the economy, spending on aggregate output is recorded on one side of the ledger and income from producing that aggregate output is recorded on the other side. Final goods and services - goods and services sold to final, or end, users. Some examples of final goods and services are contact lenses, toothbrushes, and bus rides. Intermediate goods and services - goods and services purchased by firms for further reprocessing and resale.
Get access
Grade+
$40 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Related Documents
Related Questions
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
j