ECO100Y1 Lecture Notes - Gdp Deflator, Gross Domestic Product, Indirect Tax

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2. 2 factor incomes approach: real versus nominal gdp, real gdp and economic well-being, consumer price index. - imf: projections of real gdp (percentage increase) Questions (mainly us): why the dramatic decline in 2009, why the improvement in 2010 and 2011, in 2011 and 2011, will unemployment fall? (no; us needs at least 3% economic growth to absorb the increase of workers); Answers: gdp (gross domestic product) -- measure of output and of incomes earned to produce output; - insight: production of output generates income, national product =(by definition) national income, total expenditures on output = total incomes earned to produce output; - measure using: expenditure approach; factor incomes approach. - gdp: gdp: the market value of all final goods and services produced within a country in a given period of time, usually a year, total expenditures = total income earned; Imports (m/im) *x-m = net exports (nx)

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