MGEA06H3 Lecture Notes - Lecture 2: Gross Domestic Product, Gross National Product, Income Approach

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MGEA06H3 Full Course Notes
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Mgea06h3 lec02 gdp and the cpi: tracking the. Gross domestic product(gdp: definition: the total value of all final goods and services produced in the economy during a given year. It only includes goods and services sold to final/end users, i. e. intermediate goods and services are not counted. It looks at the value of products produced within the economy: three ways to measure gdp, the value-added approach, the expenditure approach, the income approach. The value-added approach: this approach focuses on the value added of each producer in the economy. Value-added of canadian steel = - = . Value-added of canadian motors = - = . Investment (i) spending on goods that are not for present consumption. It includes both private investment and public investment. Government spending (g) spending on goods and services by different levels of government, exclusive of government transfer payments: net exports (nx), nx = exports (x) imports (im)

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