ECON1132 Lecture Notes - Lecture 4: Black Market, Retained Earnings, Business Cycle
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8 - measuring gdp measuring a nation"s output -> gdp: introduction, micro vs. macroeconomics micro involves the study of behavior of economic units macro involves the study of the behavior of economic aggregates an aggregate means a total. Key topics total output -> gdp price level and in ation measuring in ation using gdp de ator economic growth unemployment. Gdp measures the market value of all nal goods and services produced domestically during a period market value - the value of goods and services in monetary terms. 2 ways to measure economic activity production and income -> gdp can be viewed as production and income. Va - value of output minus cost of intermediate good. Gdp can also be measured as the sum of all value added at all stages of production. Gdp misses certain factors home production underground economy. Real gdp vs. nominal gdp the bea reports 2 measures of gdp. Nominal gdp value of gdp using current prices.
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