BSB113 Lecture Notes - Lecture 8: Net Domestic Product, Special Member State Territories And The European Union, Deflation
Document Summary
Gdp: measuring total production, income and economic growth. Economics is about achieving stable and positive growth, low unemployment and price stability. Market value of all final goods and services produced in a country during a period of time. Gdp includes only the market value of final goods and services. = sum of value added by each firm. Sum of the value of all goods and services produced by industries in the economy in a year minus the cost of goods and services used in the production process, leaving the value added by the industries. Aum of the total expenditure on final goods and services by households, businesses, government and net exports. Sum of the income generated in the production of goods and services, which includes profits, wages and other employee payments, income from rent and interest earned. Gdp = y = c + i + g + nx.
