ECON 2000 Lecture Notes - Lecture 2: Market Basket, Gdp Deflator, Nominal Interest Rate

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Recession 2 consecutive quarters of negative growth. Howie institute an independent research organization dates the recession that occur in canada. National bureau of economic research (nber) determines dates of expansion and recession for us. 3 main measures of performance: gross domestic product, inflation rate, unemployment rate. National income accounting rules used to calculate gdp and related measured of total production and total income. Gross domestic product (gdp) the market value of all final goods and services produced in a country during a period of time, usually a year. Final goods and services produced for purchase by the ultimate user and not used as input for the production of other goods: need to avoid double counting. Expected life may not be equal to actual life. Have to include all product, even if it is illegal or not useful: only counts goods that are produced in that year, not ones that are sold again. Rule: gdp = total income = total expenditure.

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