Economics 1022A/B Lecture Notes - Lecture 1: Net Domestic Product, Factor Cost, Final Good
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11 Jan 2017
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ECON 1022A/B Full Course Notes
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Idea of gdp is how to measure the economy/output- gross domestic product. It is production measured by how much we pay for the goods and services in the market- the market value of all final goods and services produced within the country in a given time period. Gross national product- market value of all goods/services made by canadians anywhere in the world. "intermediate good"- produced by one firm and used in the production or as a component of a final good. Canada measures gdp quarterly and annually, we are mostly concerned in this course with annaully. This is a simplified version of what is happening in canada"s macro economy. Firms hire factors of production to produce goods/services. Red includes consumption expenditure, government expenditure (on goods and services), investment (capital i, lower case is interest, and inflation is the greek later pi) investment is the purchase by firms of new plant/equipment/buildings. /additions to inventories, x is exports, m is imports, x-
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