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ECON 1020 (99)
Lecture 16

ECON 1020 Lecture 16: Lecture 16

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ECON 1020
Ryan A.Compton

o982 CHAPTER 5 Measuring the Economys Output Measuring the Economys Performance: GDP: National income accounting: the techniques used to measure the overall production of the economy and other related variables for the nation as a whole Statistics Canada complies the national income accounts for the Canadian economy Allows economists and policymakers to: Asses the health of the economy by comparing levels of production at regular internals Track the longrun course of the economy to see whether it has grown, been constant, or declined o Formulate policies that will maintain and improve the economys health Gross Domestic Product: The main measure of the economys performance is its annual total output of goods and services called aggregate output The most common measure of aggregate output is GDP Gross domestic product (GDP): the total market value of all final goods and services produced annually within the boundaries of Canada Monetary Measure: GDP is a monetary measure GDP measures the value of output in monetary terms Without such a measure we would have no way of comparing the relative values of the vast number of goods and services produced in different years and different countries Avoiding Multiple Counting: To measure aggregate output accurately, all goods and services produced in an particular year must be counted only once To avoid counting those components more than once, GDP includes the market value of final goods and ignores intermediate goods altogether
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