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Economics – January 22-31st Lecture Notes.docx

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Bridget O' Shaughnessy

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ndEconomicsJanuary 22 2013Does doing the dishes have economic valueYesAccording to Statistics Canada o YES if you are in a restaurant o NO if you are at homeGross Domestic Product GDPGross Domestic Product GDP market value of all final good and services produced in a country in a given period of timeStock measured at a given point in timeFlow happens over a time intervalGDP is flowGDP is a measure of how much stuff we make Components of GDPMarket value gone up in last 50 years o Produce more than we did 50 years ago o Using market prices to calculate and market prices have gone up o Paying for things now that we would have been doing for ourselves 50 years ago ex childcare lawn mowing etcAll legalFinal o Only include final goods and services o Only count when we sell product not the things used to make product to avoid double countingGoods and servicesProduced in a countryIn a given period of time o Count all the NEW final goods and services produced in that year o Ex Do not count if bought a used car produced in an earlier yearThree Ways to Calculate GDP 1 Output basic prices 2 Expenditure market prices 3 Income market pricesThe difference between GDP at market prices and GDP at basic price is basic prices do not include sales tax whereas market prices doOutput and expenditures are the same concept but using different pricesCanadas 2011 GDPEquation YCIGNX o Consumption C durable goods semidurable goods nondurable goods services
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