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Canada (509,305)
Economics (1,617)
ECON 1BB3 (535)
Lecture

ECON 1BB3 SEPT 27TH.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
What does doing the dishes have economic value? YES according to Statistics Canada: -YES if you were in a restaurant -NO if you were at home Gross Domestic Product(GDP): market value of all final goods and services produced in a country in a given period of time. measure of how much stuff we make in Canada in typically in a year  GDP is a flow variable -stock: one point in time -flow: a given period of time GDP  market value -means were measuring things in prices -not only way we can measure something -instead of using prices we could also use quantities all -include everything produced in Canada -goods and services -using prices to add things together which means for almost everything that gets included in GDP there has to be a market transaction -only include legal goods and services final -include goods and services when it is sold to the final customer to avoid double counting goods and services produced in a country -where the production get
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