ECON 203 Lecture 11: Chapter 5 _ National income
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21 Jul 2015
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Gross domestic product (sometimes referred to as nominal gdp or gdp) Gross domestic product (gdp) is the market value of all final goods and services produced within a country in a given period of time (usually one year) In other words, gdp measures the market value of all final goods produced domestically within a given period of time. Two approaches to measuring gdp: expenditure approach, income approach. As a result, gdp also measures a country"s income during a given period of time. Four main sectors of an economy (expenditure approach to measuring gdp: consumption (households) Consumption is the spending by households on goods and services. Gross investment is the expenditures for newly purchased capital goods by firms. Note: net investment = gross investment less depreciation (capital. Four main sectors: expenditure/income approach overhead: government spending. Government spending includes government spending on final goods, investment goods (e. g. buildings), and all direct purchases of resources, including labour.
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