ECON 102 Lecture Notes - Lecture 2: Northern Ireland Environment Agency, Intermediate Good, Income Approach
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Econ 102 lecture 2 the measurement of national income: basic national income accounting, gdp from value added approach i. ii. iii. The goal of macroeconomics is to measure output, and the. Problem: why not just add the value of each producer"s output: answer: production occurs in stages - either add only final (not for resale) goods, or add only the values added v. Note: definitions are exhaustive - an expenditure must fall into one of the four categories ii. G netx: using up of production, expenditure by final user, goods (durable and non-durable) + services iv. Pei"r : k = plant + equipment + inventory + residential construction. 3: expenditures for goods not for present c, expenditures on goods to produce other goods - accountants have agreed to classify new capital goods as final goods v. Government expenditures: all g purchases of goods and services, g includes government investment i. ii.
