ECO 2013 Lecture Notes - Lecture 10: Final Good, Government Spending, Litter Box

• School: University of Florida
• Department: Economics
• Course: ECO 2013
• Professor: David T Knight

Document Summary

Eco2013: gdp-gross domestic product, measure of total production, market value of all final goods and services produced in an economy in a given period of time (typically one year, market value. The weights in the weighting system adding up gdp. Component included in another final good; do not directly count for. Factories, machinery, and equipment used to produce goods and services; does directly count for gdp. Final goods: gdp vs gnp, gdp: in a country . America: gnp: by citizens, residents, and firms from a country . Another country: gross investment vs. net investment. Investment refers to the production of new physical capital: gross investment, what is produced in a particular period of time. Amount by which the stock of physical capital increases during a particular period of time. Professor rush owns a kitty litter cleaning company. At the end of the year, he had 7: gross investment=3.