ECN 204 Lecture 2:
22 Jan 2019
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Finalgoods total market value purchased forfinalgoods no resale. Public transfer payments ex welfare private transfer ex charity. Sum of all the money spent in buying final goods. C t i t g t nx gdp. When gl depreciation there is no change to capital stock. L t ci t t gdp laborincome4 taxes. Measured in terms of thepricelevel at time of. Real gmbepasifmmeentasured based on a base year xp nominal gdp. 1 national income accountants can avoid multiple counting by a includingtransfers x only countingfinalgoods c only counting intermediate goods x d counting both final and intermediategoodsx d c ng g. B add both exports and imports c i subtract expats add imports. 400 billion d t 200 billion is 400billion net. 7 gdp economy is 4,600 billion consumption is. E con c gl depr what is negative net investment. 10 value added is the value of the firm"s output minus.
