Textbook Notes (368,180)
Canada (161,695)
Economics (924)
ECN 204 (282)
Amy Peng (21)
Chapter 5

Chapter 5

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ECN 204
Amy Peng

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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