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40 Pages

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ECON 203

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MACROECONOMICSCH4701242014Macro chapter 4Economic ActivityPerformance GDP final goods count not intermediate goods Produced something that has to be created Shares and bonds do not count in GDPGDP in a region CanadaGNPGross National Product Goods and services produced by regions citizens over a given time Canadian GNP PASSPORTGDP Geography GNP citizenship People who do things themselves this is not good for the economy because nothing is being produced TO CALCULATE GDP 3 WAYSEXPENDITURE INCOME OUTPUT VALUE ADDED1Expenditure SpendingCindividual spends Igross capital investment goods and services by firms individual purchase of housing anything more than a car Ggovernment Canadian all level of governmentXexportsMimports GDPCIGXMNet exports0 means imports and exports are the same Net exports in Canada is roughly at 0 It usually stays between 5 and 5We sell a lot and buy a lot around the world that is why it stays at 0Used Goods Do not count in GDP nothing was produced it was just transferred 2Income How much did you earnWagesSalaries SelfEmployed is a different category non incorporated non farmFarm IncomeCorporate Profits Business IncomeGovernment indirect taxes Sales taxes act as their income Investment income rentDepreciation CCAcapital consumption action accounting trick assets lose valueNet InvestmentCIGXMdepn 3Output Value addedHow much did you createDifference what you sell a product for and what its value is
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