ECON 102 Lecture Notes - Walmart Canada, Net Income, Final Good
16 Oct 2011
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Gross domestic product gdp: it is the market value of all final goods and services produced, (and income earned) within a country, in a given period of time (such as a year) Second hand goods will not count since it already recorded when it first time produced. Calculate gdp by multiplying p * q for each good and then adding your results together: gdp = p*q (then add the results, = (*1000)+(*2000) = Items: used or second hand goods (already recorded) 5-4: non-marketed goods and services (not produced by firm/government, financial assets (because don"t measure in production) Adds the value added to a good at each stage of production of a final good that is included in gdp: expenditure approach, income approach. A payment by the government to a producer. Income approach to measuring gdp (this is in the notes, don"t copy) First determine: net domestic income at factor cost.
