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Lecture

Lecture 08.doc

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Department
Economics
Course Code
ECON 1BB3
Professor
Hannah Holmes

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Description
Lecture 08 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 Three ways to calculate GDP 1. output (basic prices) 2. expenditure (market prices) 3. income (market prices) Equation: Y = C + I + G + NX • Consumption (C) - durable goods, non-durable, services
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