ECON 2 Study Guide - Final Guide: Efficient-Market Hypothesis, Import Quota, Classical Dichotomy
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The total income of everyone in the economy. The total expenditure on the economy"s output of goods and services. Gdp: is the market value of all final goods and services produced within a country in a given period of time. Because market prices measure the amount people are willing to pay for different goods, they reflect the value of those goods. It includes all items produced in the economy and sold legally in markets. Intermediate goods are goods that are used to make another good. The final good it the good at the end that is being consumed/bought. Intermediate good may be flour, final good may be cookies. Gdp includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits) It does not include transactions involving items produced in the past. Gdp measures only within the geographical confines of a country. Takes place within a certain time period, usually a year or quarter (three months)
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