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Chapter 5

Econ 1BB3 - Chapter 5 GNP&GDP.docx
Econ 1BB3 - Chapter 5 GNP&GDP.docx

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School
McMaster University
Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Winter

Description
Richard Damra Tuesday, January 22, 2013 Econ 1BB3 – GDP & GNP  Yes, it’s valuable, it’s useful  According to Statistics Canada: o YES if you were in a restaurant o NO if you were at home Gross Domestic Product (GDP):  Market value of all final goods & services produced in a country in a given time period.  Stock: A measure at a given point in time  Flow: Happens over a time interval  It is a measure of how much stuff we make  Market Value ($)  All (legal) services  If we legalize prostitute or marijuana and there is no change in the amount of smokers, by definition GDP goes up because of the increase in service.  Final goods and services, avoids double counting o Making a scarf, 5$ for yarn, $20 dollar for the whole scarf, you count the 20$ not counting the $20 and 5 because $5 is included already in the $20  Produced in a country  In a given period of time  Three ways to calculate GDP o 1. Output o 2. Expenditure o 3. Income o 2&3 same concept, different price  The difference between GDP at
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