ECN 301 Chapter Notes - Chapter 2: Gross Domestic Product, Labour Power, Interest Rate

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Economists have quantitative data to work with; prices, quantities, and values. Together these variables summarize the state of the macro economy. Real gdp and the unemployment rate are most important because they are directly. Real gdp means gdp adjusted for changes in the overall level of prices. Real means data has been adjusted for changes in the price level and inflation. Nominal means the data has not been adjusted connected to people"s well being. Gross this measure includes the replacement of worn out and obsolete. Domestic this measure counts economic activities that happens in canada, Product means real gdp represents the productions of final goods and whether or not the workers are legal resident and whether or not the factories are owned by canadian residents services. It is however a flawed index because it says nothing about relative distribution of the nations economic product equipment and structures as well as completely new investment.

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