Class Notes (839,146)
Canada (511,218)
Economics (958)

Chap 20.docx

5 Pages

Course Code
Economics 1022A/B
Jeannie Gillmore

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20 GDP and Economic Growth 1112011 51000 PM GDPmarket value of final goods not parts and services produced within a country in a given time period Consumption Expendituretotal payment for consumer goods and services Government Expendituremoney spent on goods and services using tax moneysocial security unemployment health benefits to households Investment Expenditureadditions to capital Net ExportsValue of exports minus value of importsIf value is positive than flow is from Canada to world if negative than flow is from world to Canada Aggregate total Expenditure Consumptiongovernmentinvestmentnet Aggregate Income Total amount paid for services of the factors of production to make the final goods and services wages rent interest profit GDPAggregate IncomeAggregate ExpenditureGross InvestmentAmount spent on buying new capital and replacing depreciated capital Net InvestmentThe amount by which the value of capital increasesEquals Gross Investmentdepreciation of capitalExpenditure ApproachEquals Aggregate ExpenditureBUT house purchases do not count and is instead considered an investment Income ApproachEquals Aggregate incomeThe final GDPs may be different depending on which approach is used because some people may not report all of their income but it will show in expenditure because they will spend the money even if they do not report it
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