ECON 104 Lecture 3: 2 Introduction to GDP - 30 January

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Department
Economics
Course
ECON 104
Professor
Ozgur Orhangazi
Semester
Spring

Description
Margin Call – Movie about investment banking Freakonomics – Book about investments and stuff, very good. Lecture 2 Measuring National Output and National Income Most information is available online at the national income and product accounts Data collected and published by the government describing the various components of national product and income. GDP – Gross Domestic Product – The total market value of all final goods and services produced within a given period by factors of production located within a country. “Look at what we’re producing, look at the price and add em up” Final Goods and services – Goods and services produced for final use. Intermediate goods – goods that are produced by one firm for use in futher processing by another firm. Value added – the difference between the value of goods as they leave a stage of production and the cost of the goods as they entered that stage. So in a GDP, identify all the final products in an economy, then add them up. ULTIMATELY – THERE ARE TWO WAYS OF CALCULATING THE GDP – Extremely important policy tool Expenditure approach add up all expenditure to calculate gdp Income approach – add up all income to calculate gdp 1. The expenditure approach – a. Four main categories of expenditure: i. Personal consumption expenditures (C): Household s
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