ECN 204 Lecture 2: Macroeconomics chaper 7
7 Feb 2017
School
Department
Course
Professor
Document Summary
Statistics canada compiles national income and product accounts: assess health of economy, track the long run course of the economy, formulate policies. The total market value of all final goods and services produced within the borders of a country during a period. To avoid multiple counting, only final goods and services are counted. Final goods: goods and services purchased for final use and not for resale or further processing or manufacturing. Intermediate goods: products purchased for resale or further processing or manufacturing. Financial transactions: public transfer payments, private transfer payments, stock-market transactions. The sum of all money spent in buying final goods and services. By households, businesses, government and buyer abroad. Adds up personal consumption, gross investment (all final purchases of machinery, equipment, and tools by firms, all construction, changes in inventories, intellectual property products(r&d)), government purchases, exports and imports. The income derived or created from producing final goods and services.
