ECON 1BB3 Lecture 7: lecture seven

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apricotelephant517

9 Feb 2012

School

McMaster University

Department

Economics

Course

ECON 1BB3

Professor

Bridget O' Shaughnessy

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ECON 1BB3 Full Course Notes

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Document Summary

Does doing the dishes have value? y yes y according to statics canada. yes, if you were in a restaurant. Gross domestic product (gdp) y gross domestic product (gdp): market value of all final goods and services produced in a country in a given period of time. It is a measure of how much stuff we make y y gross domestic product (gdp: market value, all (trying to capture everything in the market)(market transaction, final (avoid double counting, goods and services, produced in a country. In a given period of time (flow) y three ways to calculate gpd: output (basic prices, expenditure (market prices) Income (market prices) y the difference between gdp at market prices and gdp at basic prices is: y basic prices do not include sales tax, market prices do. Canada s 2010 gdp y equation: y=c++g+nx y consumption - double goods, non-durable, services y. Investment (i) - purchase of new capital goods, machinery and equipment.

Related Questions

Gross domestic product is best defined as
a. the total quantity of goods and services produced in a country during a period of time
b. the total value of all goods that can be found in a country.
c. the market value of all final goods and services produced in a country during a period of time.
d. the amount of all income earned by all citizens of a country, including those living overseas.