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Chapter 5

Chapter 5

4 Pages
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Department
Economics
Course Code
ECN 204
Professor
Amy Peng

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Chapter 5
Measuring the Economys Performance: GDP
Gross Domestic Product (GDP): The total market value of all final goods and
services produced annually within the boundaries of Canada.
oA monetary measure of a nations output.
oFinal goods: goods and services purchased for final use and not for
resale or furher processing or manufacturing.
oMultiple counting: Wrongly including value of intermediate goods in
the GDP. Only final goods are valued in the GDP
Two ways of Calculating GDP: Expenditures and Income
Expenditure approach: the method to measure GDP that adds up all the
expenditures made for final goods and services.
oPersonal consumption expenditures (C): the expenditures of
households for durable and nondurable consumer goods and services.
oGross Investment (Ig): expenditures for newly produced capital goods
and for additions to inventories. (all final purchases of
machinery,equipment, and tools by firms; all construction; and all
changes in inventories)
oGovernment purchases (G): The expenditures of all governments in the
economy for final goods and services.
oNet Exports (Xn): Exports minus imports.
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Description
Chapter 5 Measuring the Economys Performance: GDP Gross Domestic Product (GDP): The total market value of all final goods and services produced annually within the boundaries of Canada. o A monetary measure of a nations output. o Final goods: goods and services purchased for final use and not for resale or furher processing or manufacturing. o Multiple counting: Wrongly including value of intermediate goods in the GDP. Only final goods are valued in the GDP Two ways of Calculating GDP: Expenditures and Income Expenditure approach: the method to measure GDP that adds up all the expenditures made for final goods and services. o Personal consumption expenditures (C): the expenditures of households for durable and nondurable consumer goods and services. o Gross Investment (Ig): expenditures for newly produced capital goods and for additions to inventories. (all final purchases of machinery,equipment, and tools by firms; all construction; and all changes in inventories) o Government purchases (G): The expenditures of all governments in the economy for final goods and services. o Net Exports (Xn): Exports minus imports. www.notesolution.com
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