🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION β†’
Log in
HomeTextbook Notes300,000CA170,000

ECN 204 Chapter Notes - Chapter 7: Canada Revenue Agency, Imputed Rent, Factor Cost

53 views7 pages
redwhale266
10 Mar 2016
School
Ryerson University
Department
Economics
Course
ECN 204
Professor
Sara Thompson

For unlimited access to Textbook Notes, a Class+ subscription is required.

Document Summary

National income accounting: the techniques used to measure the overall productions of the economy and other related variables for the nation as a whole. The main measure of the economy"s performances is its annual total output of goods and services or, as it is called, aggregate output. Gross domestic product (gdp): the total market value of all final goods and services produced annually within the boundaries of canada. The value of cars produced at the toyota factory in ontario clearly counts as part of. Canadian aggregate output rather than japanese aggregate output because the cars are made within the borders of canada. That"s what gdp does, it measures the value of output in monetary terms. Gdp gauges the output of year 2 () as greater than the output of year 1 () because society places a higher monetary value on the output of year 2. Society is willing to pay more for the combination of goods produced in year.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

ECN 204 Chapter Notes - Chapter 7: Stock Market
sangriacrocodile188
ECN 204 Chapter Notes - Chapter 7: Gross Domestic Product, Income Approach, Longrun
sangriacrocodile188
ECN 204 Lecture Notes - Lecture 2: National Income And Product Accounts, Alimony, National Accounts
rubygrasshopper935

Related Questions

What is the market for factors of production?

  1. What is the market for factors of production?

    1. The market for factors of production is where households and firms interact to trade factors of production for factor payments. For example this is where people provide firms with labor and firms pay them with wages. 

  2. What is the money market?

    1. The money market is where households, firms, and the government may save and/or invest their money to earn interests. Money market includes banks, stock market, bonds market, and other financial institutions where economic actors can buy and sell financial assets to earn interests and/or dividends.

  3. Who are the three economic actors in the circular flow model?

    1. In a circular flow model, the three main economic actors are the households, firms, and the government. Households include the typical individual consumers. Firms include businesses and similar producers in the economy. Finally, the government refers to the whole government system from federal to local level.

  4. How is the national income of an economy determined?

    1. The national income of an economy is determined by measuring the total value of the output produced in an economy or the total income earned by the actors in the economy. In a circular flow model, we can see that the value of total output produced should equal the total value of income generated and earned in the economy. This is because every dollar spent by someone in the economy is received by another person in the economy as income.

  5. What is GDP?

    1. The gross domestic product or GDP represents the sum total of the value of the final goods and services produced within the economy for a given year. It is the most commonly used measure of its economy’s productivity and income.