ECON 1B03 Lecture Notes - Lecture 7: Uee, Waar, Income Approach

• School: McMaster University
• Department: Economics
• Course: ECON 1B03
• Professor: Hannah Holmes

Document Summary

Measuring national output, national income, and the price level. National income and expenditure accounts are data collected and published by the government describing the various components of aggregate income and output in the economy. An important source for providing data for macroeconomic study. They also provide a conceptual framework that are used to study how the various pieces of the economy fit together. Gross domestic product is the total market value of all final goods and services produced within a given period by factors of production located within a country. The key concept in national income and expenditure. Final goods and services are goods and services produced for final use. Intermediate goods are those produced by one firm for use in further processing by another firm. Gdp doesn"t count intermediate goods because the price of the final good incorporates the costs of them (the final value of the product reflects the value of all its components)