ECO 1102 Lecture Notes - Lecture 4: Gross National Product, Intermediate Good, Gdp Deflator
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Macroeconomics: the study of economy-wide phenomena, including inlaion, unemployment, and economic growth. Microeconomics: the study of how individuals and how irms make decisions and how they interact in markets. >for an economy as a whole income must equal expenditure (when you buy something, you lose money but the seller gains that same money) Gdp: the market value of all inal goods and services produced within a country in a given period of ime. Adds together many diferent kinds of products into a single measure of the value of economic acivity. It includes all items produced in the economy and sold legally in markets (legally- a transacion that is recorded and reported to the government) Gdp also includes the market value of the housing services provided by the economy"s stock of housing (they"re paying rent to themselves) There are some products, however, that gdp excludes because measuring them is so diicult (ex. Gdp includes only the value of inal goods.
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