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Midterm Note

3 Pages

Course Code
ECON 1010
Xueda Song

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Chapter 20Gross Domestic Product GDP market value total value in dollars of all goodsservices produced in country Market Value apples 010apple 50 apples5 oranges 020orange 100 oranges20 mkt value 25 Final Good item bought by its final user Ford truck Intermediate Good item produced bought by another firm and used as final good must exclude from GDP avoid double counting car tires GDP measures value of production which equals total expenditure on final goods and total income Factors of Production Labour Capital machines Land EntrepreneurshipBuyers spendingsellers income Factor Market households sell labour and firms buy the services Goods Market firms sell and households buy consumer goodsservicesfirms buy and sell new capital equipment or investment buildings Government Expenditure buy goodsservices from firms and expenditure on goodsservices expenditure w taxes and pay financial transfers to households Exports firms in Canada sell goodsservices to the world Imports buy goodsservices from all the world Net Exports exportsimports if net exports positiveflow of goods from Cdn firms to rest of world Gross before deducting depreciation of capitalNet after deducting depreciation of capitalNet investment increase in value of capital Gross investmentDepreciationNet Investment Gross investment amount spent on new capital Depreciat
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