ECON 203 Lecture Notes - Lecture 4: Xm Satellite Radio, Capital Good, Gdp Deflator

• School: University of Calgary
• Department: Economics
• Course: ECON 203
• Professor: Aamir Hashmi

Document Summary

Gross domestic product: income and expenditure, total income / spending. -- in terms of market value: o(cid:374) all curre(cid:374)t final do(cid:373)estic goods a(cid:374)d services, i(cid:374) specific period. Include expenditure on workers on government payroll: problems, consumption: administrative costs. Investment: infrastructure: not taxes or social securities as they are transfer payments. Includes personal purchases like homes and sometimes cars if used for income generating. Inventories: distinction, gross, net investment :gross depreciation replacement cost, x m, take out import because c, g , i does not. Immediate v. future use and purpose of purchase: time of use, houses = long term investment. Housing services = consumption: purpose, car for personal, car for work, underground economy, problem in accounting in gdp, problem in growth number: growth = actually underground becoming legitimate Consumer price index: definition, typical consumer"s cost of living, basis of cost of living adjustment in contracts and social security, canada, around 2% + or 1, compound every 5.