ECON1132 Lecture Notes - Lecture 2: Durable Good, Gdp Deflator
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16 Sep 2017
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The market value of all final goods and services produced within a country in a given period of time. Goods are valued at their market prices. All goods must be measured in the same units. Things that don"t have market value are excluded (i. e. housework in your own time), also excludes illegal goods. Includes: all items produced in the economy and legally sold. Final goods: goods intended for the end user counted in gdp. Intermediate goods: goods that go into making other goods so you don"t double count it (don"t count raw materials and labor) not counted in. Currently produced goods not goods that are produced in the past - final goods produced at that point in time, no resale. Measures value of production within a country"s borders (gross domestic product is anyone who is there even foreigners within the borders) (gross national product is work done by americans everywhere)
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