ECON 1010 Study Guide - Comprehensive Final Guide: Gdp Deflator, Market Basket, Potential Output

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28 Nov 2016
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Econ 1010n lecture #1 ch. 20: measuring gdp and economic growth. The study of the national economy (refers to the economy of an entire country) and the global economy (look at everybody out there) Total value of all final goods and services produced by labour, capital and other resources of the country regardless of where the production occurred. Total market value of all the final goods and services produced within a country in a given time period. Final goods and services produced in canada by foreigners are part of canada"s gdp. In measuring gdp, economists : use final goods and services only this avoid double counting, use market prices to value production. The value of intermediate goods is counted in gdp ; intermediate goods are produced by one firm bought by another firm & used as a component. Illustrates the flow of expenditure and income between different sectors of economy.

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