ECON 1020 Chapter Notes - Chapter 21: Gross Domestic Product, Raw Image Format

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Cfo ch 21: measuring national output and national income. National income and product accounts- data collected and published by the government describing the various components of national income and output in the economy: gross domestic product. Gdp- the total market value of all final goods and services produced within a given period by factors of production located within a country. Final goods and services- goods and services produced for final use. Intermediate goods- goods that are produced by one firm for use in further processing by another firm. Value added-the difference between the value of goods as they leave a stage of production and the cost of the goods as they entered that stage. Gdp is concerned with only new and current production. Gdp does not count transactions in which money or goods change hands but in which no new goods and services are produced. Aka buy a home that is not newly constructed.

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