ECON 1010 Lecture Notes - Social Security, Final Good, Income Approach
Document Summary
Chapter 20 measuring gdp and economic growth. Macroeconomics: the study of the national economy and the global economy. Macroecon issues: 1) unemployment 2)recessions 3) budget deficiet 4) inflation. Gdp (gross domestic product) the total market value of all the final goods and services produced within a country in a given time period. Final goods and services produced in canada by foreigners are part of canadas gdp. In measuring gdp, economisits: 1) use final goods and services only. The value of intermediate goods is not counted in gdp. - intermediate goods are produced by one firm, bought by another firm, and used as a component of a final good or service. An alternate concept in measuring a nations output is gnp (gross national product). Gnp is the total value of all final goods and services produced by labour, capital, and other resources of a country, regardless of where production occurred.