ECON282 Lecture Notes - Lecture 2: Real Interest Rate, Net National Product, Disposable And Discretionary Income
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5 May 2017
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National income accounting: the national income accounts are an accounting framework that give a picture of canadian economic developments; they focus primarily on production and income, this framework is how statistics canada calculates gross domestic product (gdp). Gdp is: product approach, expenditure approach, income approach. Eg, freedom of speech, market value gdp only captured the things : final goods and services: home production will not be captured in gdp such as your wife stays at home for taking care your children. But, if you hire an nanny to take care your childrean it is count into gdp b/c it involes the trade in the market. - home production includes all services produced outside the market, such as the services a homemaker provides to the homemaker"s fmaily. Product approach: the product approach measures how much output (goods and services) is newly produced within a country.
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