ECON 2020U Lecture Notes - Lecture 1: Political Freedom, Environmental Quality, Iten
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21 Jan 2016
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Chapter 20 measuring gdp and economic growth. Gdp or gross domestic product is the market value of all final goods and services produces in a country in a given time period. This definition has four parts: market value, final goods and services, produces within a country, in a given time period. Gdp is a market value goods and services are valued at their market prices. To add apples and oranges, computers and popcorn, we add the market values so we have a total value of output in dollars (6682) Gdp is the value of the final goods and services produces. A final good (or service) is an item bought by its final user during a specified time period. A final good contrasts with an intermediate good, which is an item that produces by one firm, bought by another firm, and used as a component of a final good and service.
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