ECON-1010 Chapter Notes -Unemployment Benefits, Washing Machine, Net Domestic Product

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ECON-1010 Full Course Notes
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ECON-1010 Full Course Notes
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Gdp (gross domestic product): all of the nal goods and services produced in an economy in a year (times their prices & added together) Final goods : does not include intermediate purchases (the goods purchased to produce another good) Most common method of measuring economic activity. Only counts those goods made in the u. s. If something is sold, but not produced, in 2010, then it will not be counted in 2010 gdp (for ex. ) Gdp = c + i + g + nx. The things we buy on a daily basis; makes up most of our production. Spending by households, including durable goods (ex: washing machine, cars), non-durable goods (ex: food, gas), and services (ex: haircuts, medical care) The creation of tools to use to manufacture other goods or to provide services. Any spending intended to increase future output. Investment by buying a share of stock is not gdp investment. G: government spending on goods & services (17. 6%)

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