CAS EC 102 Lecture Notes - Lecture 3: Root Mean Square

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Gross domestic product(gdp), the most fundamental concept macro concept. Gdp is the market value of all nal goods and services produced within a country in a year. Final goods and service = cost of wheat to miller+cost of our to baker+cost of loaf to retailers. Calculated by the bureau of economic analysis - a division of the dept. of. Issue the nipa - national income and product accounts. Calculated gdp by adding up the value of expenditures on all nal goods and services in the economy. Investment means the purchase of business for commercial builds. To measure overall economic activity, the bea measure the amount of money that households, rms, the government and foreigners spend on goods and services. But that amount is equal to the amount of wages, interest payment, rent and pro ts received by households and rms, i. e. national income. Therefore, we can use the terms gdp and national income interchangeably.

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