ECON 1000 Lecture Notes - Lecture 1: Greeting Card, Beer In Canada, Gie
10 Feb 2017
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Chapter 5: measuring a nation"s income - jan 11 - lecture. More (cid:373)o(cid:374)ey, the happier you are a(cid:374)d the e(cid:272)o(cid:374)o(cid:373)y as a (cid:449)hole are the sa(cid:373)e ki(cid:374)d of (cid:449)ay the (cid:373)ore money the economy has, the more satisfied the economy is. Person 1 askes person 2 to mow their lawn. 1 has expenditure and 2 gets income. Market value of all final goods and services produced within a country in a given time period. (cid:862)market (cid:448)alue(cid:863) We use prices for how much we think people (cid:448)alue the good the higher the pri(cid:272)e, the higher they are valued (cid:862)of all(cid:863) (cid:862)fi(cid:374)al(cid:863) Only includes things that are bought or paid for rather than grown (vegetables etc) it needs market action. Ie: paper firm sells to card company for and the greeting card company to the consumer for. and the total is but we only include the final sale from the card company to the consumer.
