ECON 1115 Lecture Notes - Genuine Progress Indicator, Happy Planet Index, Hans Rosling

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Gross domestic product (gdp): calculates goods and services produced within borders. Price index: dollar value of the basket of goods in the current year dollar value of the basket of goods in base year (base year prices are currently calculated based on 2005) The housing market is an important market, because when you buy a house, you increase. Gdp, and you don"t stop your spending there you buy a new refrigerator and a new couch, etc. A better housing market improves the overall economy. An increase in housing prices means that demand has increased so it"s a good thing. If the inventory of houses tightens there is starting to be a shortage in housing, and then contractors begin to increase their production of houses workers are hired. Business spending is investment (plants and equipment aka capital goods) Rgdp is simply dollars earned by the average citizen; not an accurate representation of quality of life.

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