ECON 1P92 Lecture Notes - Black Market, Gdp Deflator, Gross Domestic Product

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ECON 1P92 Full Course Notes
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ECON 1P92 Full Course Notes
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Many firms produce outputs that are used as inputs by other firms. Outputs of firms that are used as inputs by other firms. Outputs that are not used as inputs by any other firms. Measures each firms contribution to total output. The amount of market value that is produced by that firm. Value added = revenue costs of intermediate goods & services. Steel company buys iron ore for . Produces steel that it sells for . Steel company"s value is - = . Total value added for a product = final selling price of the product or service. The shirt sells for , and sum of value added ( + +) equals . Also, value added = income to factors of production. Total value added in the economy is gross domestic product (gdp): Measure of all final output that is produces in the economy, value at market prices. Adding up value added avoids double counting.

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