Ec 202 Lecture Notes - Lecture 6: B-Real, Sales Tax, National Wealth
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6 \ gdp & the measurement ofprogress ff h hihf e. Cyclical & short - run changes in gdp. The many ways of splitting gdp ete (cid:12200) Problems w/ gdp as a measurement (cid:12200) (cid:12200) l. Real gdp per capita is a rough measure of a country "s. Gross domestic product : the market value for all finished goods. Gdp per capita : gdp . produced within a in a year . Gdp uses market values to determine how much each goods are more valuable than other includes millions of different goods . So can "t output goods & services . just add up quantities . good or service is worth d then. Intermediate goods are sold to firms & then bundled or processed w/ other goods or for sale at a later. Finished goods & services are sold to. & then consumed or held for personal inventories .
