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Lecture

Calculating_GDP Notes

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Department
Economics
Course
ECO 304L
Professor
All Professors
Semester
Winter

Description
Calculating GDP 1. Expenditure Approach a. Consumption i. Only sold domestically ii. Take out goods sold to be intermediate goods iii. Take out goods sold to be investment goods b. Investment c. Government i. Salaries they pay ii. Goods they purchase d. Exports e. Imports 2. Product / value added Approach a. Revenue-cost of goods of each place i. Cost of goods, does not include ones stored for investment ii. Everything the gov spends – input costs 3. GDP  Nationa
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