MGEA06H3 Chapter : ECMA06 readings
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MGEA06H3 Full Course Notes
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Supplement a: measuring the total value of production. Supplement b: unemployment and inflation: how do we. Supplement c: the aggregate demand curve and how it. Measuring the total value of production in a country: The key variable in macroeconomics is the total value of production in a country, measured by the. Gdp measures the value of production that occurs over a period of time, usually a year (but sometimes a quarter of a year). The rate of increase of real gdp is considered to be a marker of the health of an economy. The first of these is called the expenditures approach and the second is the factor incomes approach, or simply, the income approach. It is useful to know something about these two different approaches. Because there are many different stages of production that any good goes through, avoiding double counting is an important objective when measuring gdp.