ECON 1100 Lecture Notes - Lecture 7: Xm Satellite Radio, Producer Price Index, Gdp Deflator
26 Oct 2016
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Gross domestic product (gdp)- used to determine how well the country is doing. It gives us an indication of economic progress. Gdp represents the monetary value of all goods and services produced within a nation"s geographic borders over a specified period of time. Bureau of economic analysis- united states department of commerce. China has a higher gdp, but japan has higher standards of living. Gdp allows us to make comparisons from one year to the next and from one country to the next. The gdp calculation also accounts for spending on exports and imports. Thus, a country"s gdp is a measure of consumer spending (c) plus business investment (i) and government spending (g) as well as its net exports, which is exports minus imports (x- Look at the final value of all goods and services. Ingredients (intermediate) cost - go to the final stage of sale. Wheat . 23 - look at the difference between retail.
