ECO105Y1 Lecture Notes - Lecture 13: Resource Depletion, Invisible Hand, Government Spending

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1 Mar 2018
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Nominal gdp is the value at current prices of all nal products and services produced annually in a country. Differences in nominal gdp between years is due to price changes or quantity changes. To calculate nominal gdp, pa2002qa2002+pb2003qb2003 : in general, there is a correlation between qs and the standard of living and ps and in ation. Gdp is a ow (i. e. an amount per unit of time). Stock is a xed amount at a moment in time. Gnp existed before gdp, and it attempted to measure the output produced by all. Canadian economies, no matter where they were in the world. Gdp, on the other hand, circumscribes the territorial boundaries. Real gdp: value at constant prices of all nal products and services produced annually in a country. Real gdp uses constant prices for one year to value quantities produced in different years. Differences in real gdp between yes show only changes in quantities.

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