ECON 1010 Lecture Notes - Gross Domestic Product, Social Security, Net Domestic Product

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18 Feb 2011
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The study of the national economy and the global economy. The total market value of all the final goods and services produced within a country in a give time period. Final goods and services produced in canada by foreigner are part of canada"s gdp. Intermediate goods are produced by one firm, bought by another from, and used as a component of a final good or service. An alternative concept for measuring a nation"s output is gross national product (gnp) Gnp is the total value of all final goods and services produced by the labour, capital and other resources of a country, regardless of where production occurred. I t illustrates the flow of expenditure and income between different sectors of the economy. Households sell resources (labour) to business firms www. notesolution. com. The purchasers of goods and services are: households, firms, governments, the rest of the world.

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