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2- Measuring Income Notes.docx

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Department
Economics
Course
ECO1102
Professor
All Professors
Semester
Fall

Description
YCIGNXY is actual GDPI in investmentsThere are two types of Is one is growth IGGrowth investment one is net I net The difference bw them is depreciation in capital growthNDP net domestic product is the same thing but I in its equation is without depreciationIn GDP the I is with depreciationBoth have the same equation but different IsYCIGNXNominal and Real GDP Our wellbeing as an economy does not depend on prices but the volume of products produced is what our wellbeing depends on Thats why we remove increase or decrease of prices while calculating the real GDPYou must be familiar with a flow variable and a stock varia
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