ECON 2010 Lecture Notes - Lecture 3: Durable Good, Environmental Quality, W. M. Keck Observatory

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Explain how economists define and measure an economy"s output. Apply the expenditure method for measuring gdp to analyze economic activity. Define and compute nominal gdp and real gdp. Discuss the relationships between gdp and economic well-being. Data on output, employment, prices: vital signs of the economy, employment, unemployment, average work hours, stock values and trends, prices and inflation, reported often in the news. Systematic measurement of economic output developed during world war ii: common systems and measures used virtually worldwide. Gross domestic product (gdp) is the market value of final goods and services . Produced in a country in a given period of time. More expensive items receive a higher weighting: willingness to pay is an indication of benefit received from the good. Government goods and services are not sold in the market: these goods have value, increase overall output, quantities are known, prices cannot be established.

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