ECN 204 Study Guide - Midterm Guide: Workforce Productivity, Core Inflation, Equilibrium Level
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Gdp: basic measure of economic performance, market value of all final goods and services produced within the borders of a nation in a year. Intermediate goods: purchased for resale or for further processing or manufacturing. Hand sales are purposely excluded when calculating gdp. Gdp = c + ig + g + xn. Net domestic income at factor cost all the income earned by canadian-supplied factors of production such as wages, interest, rent and profit. Personal income (pi) earned and unearned income available to resource suppliers and others before the payment of personal income taxes. Disposable income (di) personal income less personal taxes. Nominal gdp measured in terms of the price level at the time of measurement (unadjusted for inflation) Real gdp nominal gdp adjusted for inflation. Nature and function of a gdp price index; nominal vs real gdp. Price index: a measure of the price of a specified collection of goods and services called a.