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Lecture One: Measuring GDP and Economic Growth

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ECON 1010
Xueda Song

Introduction to MacroEconomicsLecture One Measuring GDP and Economic GrowthJanuary 10 2012Gross Domestic ProductGDP DefinedGDP or gross domestic product is the market value of all final goods and services produced in a country in a given time periodThere are four partsMarket ValueFinal Goods and ServicesProduced Within a CountryIn a Given Time PeriodMarket ValueGDP is a market valuegoods and services are valued at their market pricesExample If we add apples oranges computers popcorn ect we must add the market values if these products We then get the total value of output in dollarsWe must calculate using the market price of everything so that we can have a single accurate representationMarket Valuethe amount of money consumers are willing to pay for a given good or serviceFinal Goods and ServicesGDP is the value of the final goods and services producedA final good or service is an item bought by its final user during a specified time periodA final good contrasts with an intermediate goodThis is an item that is produced by one firm bought by another firmIt is used as a component of a final good or serviceIntermediate goods and services are excluded in the GDP to avoid double countingProduced Within a Country
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