ECON 1BB3 Study Guide - Final Guide: Market Basket, Gdp Deflator, Deflation
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19 Sep 2013
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Gross national product (gnp) total value of all final g&s produced by a country"s factors in a given period of time. Produced by nations citizens regardless of where produced/sold produced by country"s citizens. Gross domestic product (gdp) the market value of all final g&s produced within a country in a given period of time; measures both total income and total expenditure. Produced domestically regardless of who produced it produced in country"s borders. Y = c + i + g + nx: consumption spending by households on g&s; durable goods, semi-durable goods, non durable goods, and services. Real gdp production of g&s valued at constant prices; use base year prices to calculate. Nominal gdp production of g&s values at current prices. Gdp deflator reflects prices of g&s but not quantities produced; measures current level or prices relative to base year prices. Gdp deflator = nominal gdp x 100. Inflation situation in which economy"s overall price level is rising.
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