CEC2 532- Midterm Exam Guide - Comprehensive Notes for the exam ( 28 pages long!)

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Societal capital and gross societal product (gsp): a holistic. These are the factors of production (resource inputs) in a modern economy: Ndi = wages & salaries, interest, rent, profit and royalties. The total money value of production as conventionally defined is measured by a concept known as gross domestic product (gdp) and its twin side gross domestic income (gdi). Gdp (gdi) = ndi + capital cost allowances (cca) + indirect taxes (consumption taxes) Indirect taxes are consumption taxes levied by governments to finance the provision of public goods and services like public roads, sewers, water supply and distribution, police protection, fire departments and national defence. They include the goods & services (gst) tax, the provincial sales taxes, excise taxes on gasoline, tobacco and alcohol products and municipal property taxes and user fees like car registration and driver licences. Financial capital is the stock of money available to finance investment as opposed to consumption activity.

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