Economics 1022A/B Midterm: Macro 1st Midterm...Chapters 20-23

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ECON 1022A/B Full Course Notes
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ECON 1022A/B Full Course Notes
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Chapter 20 - measuring gdp and economic growth. The market value of the final goods and services produced within a country in a given time period. Market value: the prices at which products are traded in markets: e. g. If the price of an apple is 10 cents, then the market value of 50 apples is . Produced within a country: only goods produced within a country are counted in the gdp: ex. If a canadian company produces products in china, that does not count. In a given time period: usually a year. Gdp and the circular flow of expenditure and income. The economy consists of households, firms, governments, and the rest of the world which trade in factor markets and good markets. Households: sell services of labour, capital, and land in factor markets. Firms: buy services of labour, capital, and land in factor markets: pay income to households: wages for labour, interest for use of capital, and rent for land.

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