ECON 2002.02 Lecture 6: Chapter 6 GDP and the Measurement of Progress
17 Sep 2020
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What is gdp gong is the market value of all finished goods and services produced within a country in a year h is dividedbypopulation. Mmm the amount when something is sold at of all finished. 2 not intermediate goods ccomputerchips services mm goods e j thepercentofgenius in us gdpincreasedfromunderto to70 now with spending on medicalservices and recreational activities increasing nerve than totimes iproduceel. im. 2 usedgoodssales are not included in the gdp within acountry immigrants add to the gdpgrowth aswell. Gnp grossnationalproduct productionof artfinishedgoodsby residents whereverlocated in ayear in a year. Nominal us real gdp nominal calculated usingprices at thetimeof sale herenotbeenadjustedforchanges in prices real calculated in another year"sprices whichis beingcomparedto havebeen adjustedforchangesin pricesbyusingthe same set ofprices in all timeperiods eg sooopricey soooquantities nominal. 2mgpricesx soooquantities real doorsgdp in air 9dollarsis real gdp in2019dollars. Real gdpchange per capita eg guatemala w 1993 isusually the best reflectionofchanginglivingstandards tools gdp9 3 6 1year population9 2 8 year.
