ECON 1BB3 Chapter Notes - Chapter 5: Government Spending, Transfer Payment, Gross Domestic Product

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

According to statistics canada: yes if you were in a restaurant, no if you were at home. Market value of all final goods & services produced in a country in a given time period. Stock: a measure at a given point in time. It is a measure of how much stuff we make. If we legalize prostitute or marijuana and there is no change in the amount of smokers, by definition gdp goes up because of the increase in service. Final goods and services, avoids double counting: making a scarf, 5$ for yarn, dollar for the whole scarf, you count the 20$ not counting the and 5 because is included already in the . In a given period of time: 1. The difference between gdp at market prices and gdp at basic prices is: basic prices do not include sales tax, market prices do.