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ENGL 3310 (1)
Lecture

Gross Domestic Product

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Department
English
Course
ENGL 3310
Professor
Richard T Ainsworth
Semester
Spring

Description
GDP (gross domestic product)­ market value of all final goods and services produced  within a country’s border in a year GDP per capita­ GDP divided by country’s population Fundamental idea: sum up price times quantity for all goods and services  Intermediate good­ sold to firms and then bundled and processed with other goods or  services for sale at a later stage Final goods­ finished goods sold to final users and then consumed and held in personal  inventories  Count only final production (which avoids double counting)  Tangible (goods)­houses/cars/computers/apples/paper Intangible (services)­haircuts/tour guides/financial advice (value these at what we pay for  them)  GDP counts production of new goods Sales of new goods aren’t included Sales of financial assets are not included Sales of financial services are included  Within country…  GDP counts
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