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ECON102 (145)
Lecture

econ102GDP3.pdf

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Department
Economics
Course
ECON102
Professor
Andrew Wong
Semester
Winter

Description
Sept. 6th Econ 102 How to calculate GDP: - add total expenditure of households - add up total income (wages, rent, profit) paid by firms Markets for Goods and Revenue= GDP Services Spending = GDP G+S G+S bought sold Firms Households factors of production Labour, Land + Capital wages, rent + profit Market for Income= GDP factors of production GDP; How is it measured? definition: a market value of all final goods and services produced in a country within a given amount of time note: GDP excludes illegal activities - only final goods are counted - tangible and intangible services are counted - items produced in Canada by a foreigner
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