CAS EC 102- Final Exam Guide - Comprehensive Notes for the exam ( 65 pages long!)
29 Mar 2018
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CAS EC 102 Full Course Notes
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Gross domestic product (gdp): the market value of all final goods and services produced within a country in a year. Market value: good and services not sold in market isn"t included in gdp. Total is . 50 but this isn"t the gdp, it is the . 50 the consumer paid when bought the bread. Intermediate goods don"t count, it"s the last time the completed good is bought or sold; the final sale to consumer. Produced in a year: used goods don"t count. Value of car in the year it was produced. Within a country: anything produced in us, no matter if ford or toyota, counts towards us. As long as the production goes on in us, it doesn"t matter which country the company is from. U. s. gdp in 2016 (in billions of 2016 dollars) was . 6 trillion. Calculated by the bureau of economic analysis - a division of the dept. of commerce. Issue the nipa - national income and product accounts.
