ECON 104 Lecture Notes - Lecture 5: Gdp Deflator, Government Spending, Income Approach
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4 Oct 2018
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Nominal gpd- the value of final output produced in a given period, measured in the prices of that period ( current dollars) Real gpd- the value of final output produced in a given period, adjusted for changing prices (constant dollars) Gross national product (gnp)- the sum of the market values of all final goods and services produced and capital owned by the permanence residents of a country. No matter where in the world production occur. Excludes production by foreign nations working domestically. Includes worldwide income earned by a country"s enterprises and permanent residents. Expenditure approach- the importance of consumer spending versus government spending. Including consumption + net exports + government spending + investment. Final goods and services- mostly bought by people who intend to use them. Good bought as investments- example- machinery, tractor- do not use up in producing. Government purchases- include everything from fighter plans to trash bin used in the airport.
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