ECON 1B03 Lecture Notes - Government Spending
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8 Mar 2014
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ECON 1B03 Full Course Notes
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According to statistics canada: yes if you were in a restaurant, no if you were at home. Gdp go up: we are producing more stuff in the economic, the price of goods have gone up, more action are consider transaction these days. Gross domestic product (gdp) market value of all final goods & services produced in a country in a given period of time. It is a measure of how much stuff we make. All market transactions (there are some market transactions that does not get included) ie. Black-market, parents taking care their kid at home, under the table. Gdp is consider as a flow variable. Three ways to calculate gdp: output (basic prices, expenditure (market price, income (market prices) The different between gdp at market prices and gdp at basic prices is. Does doing the dishes have economic value? (ch 5) Equation: y = c + i + g + nx.
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