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ECO365H5 (8)

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University of Toronto Mississauga
Michael H O

Chapter 13 13-3 -Gross national product(GNP): is the value of all final goods and services prudced by a nations factors of production in a given time period - it is the basic measure of a countrys output, is measured by adding up the market value of all expenditures on the final output (internal measures, the movement btw national economics) - factors of making up GNP: the employment of labour, capital and other factors of production. - Income approach= expenditure approach Y(income) = C + I + G + CA Expenditure by domestic net exports=trade balance (current account) participates -denote: C=individual I= firms G=governments 13-4 - 4 diff types of expenditures that make up a countrys GNP - 1.Consumption 2. Investment 3. Government purchases 4. Current account balance - why? - we cannot hope to understand the cause of a particular recession or boom w.o knowing how the main categories of spending have changed. If so, we cant recommend a sound policy response. - and the national income accounts provide information essential for studying why some countries are rich, that is, have a high level of GNP relative to population size while some are poor. 13-5
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